Core Viewpoint - In June, heavy truck sales in China reached approximately 94,000 units, marking a year-on-year increase of 32%, significantly exceeding expectations [4][5][6]. Sales Performance - The heavy truck market in June 2025 saw sales of about 94,000 units, a 6% increase from May and a 32% increase from June 2024 [4][5]. - Cumulatively, from January to June 2025, the heavy truck market sold approximately 535,300 units, reflecting a year-on-year growth of about 6% [5]. Market Drivers - The primary reason for the significant sales increase in June, traditionally a "slow season," is attributed to the implementation of vehicle replacement policies across various regions, which have stimulated demand for new heavy trucks [6][26]. - Additionally, some leading manufacturers ramped up production to boost sales figures at the end of the half-year [7]. Segment Analysis - The domestic terminal heavy truck sales also experienced a year-on-year increase of nearly 40% in June, with a slight month-on-month rise of about 3% [7]. - New energy heavy trucks saw terminal sales surpassing 16,000 units in June, representing a year-on-year growth of approximately 130%, setting a new monthly sales record [9]. Company Performance - China National Heavy Duty Truck Corporation led the market with sales of about 23,000 units in June, achieving a year-on-year growth of 21% [13][15]. - Dongfeng Motor Corporation followed with sales of approximately 18,000 units, a year-on-year increase of 47% [17]. - FAW Jiefang and Shaanxi Automobile both exceeded 16,000 units in sales, with year-on-year growth rates of 42% and 22%, respectively [17][19]. - Foton Motor achieved the highest growth rate among major companies, with a 116% increase in June sales [21]. Future Outlook - The heavy truck industry is expected to continue its upward trend in sales, particularly in the third quarter, driven by ongoing vehicle replacement policies and the low sales figures from the previous year [26].

Core Viewpoint - The heavy truck market in China has experienced a "double increase" in sales for May 2025, indicating a positive trend amidst previous pessimism, driven by policies and market dynamics [1]. Group 1: Market Performance - In May 2025, approximately 83,000 heavy trucks were sold in China, representing a 6% year-on-year increase from 78,200 units in the same month last year, despite a slight month-on-month decline of 5% from April [5]. - Cumulatively, from January to May 2025, the heavy truck market recorded sales of about 435,500 units, reflecting a modest year-on-year growth of approximately 1% [5]. Group 2: Policy Impact - The "old-for-new" policy for National IV trucks has significantly stimulated the market, leading to a notable increase in both wholesale and terminal sales of heavy trucks in May [7]. - As of now, over half of the provinces and regions have implemented the "old-for-new" policy, which has positively influenced the demand for new heavy trucks [7]. Group 3: Segment Performance - The terminal sales of heavy trucks in May are expected to have increased by over 20% year-on-year, with a slight month-on-month decline of around 5% [10]. - Electric heavy trucks have seen a remarkable growth, with sales exceeding 15,000 units in May, marking a year-on-year increase of approximately 190%, and achieving a market penetration rate of over 23% [13][14]. - Diesel heavy trucks also experienced a significant increase in sales, with an estimated year-on-year growth of around 31% in May [16]. Group 4: Future Outlook - The heavy truck market is expected to maintain continuous growth in June, driven by the ongoing implementation of the "old-for-new" policies [18]. - The sales decline of natural gas heavy trucks is anticipated to narrow to single digits in June, creating favorable conditions for a rebound in the second half of the year [18].