Core Viewpoint - In October 2025, China's commercial vehicle sales increased by 21% year-on-year, with the truck market growing by 22%. However, the light truck market showed only a slight increase of 0.3%, indicating a weaker performance compared to the overall market growth [1][2][5]. Summary by Sections Overall Market Performance - The truck market sold 311,100 units in October 2025, a slight decrease of 0.3% month-on-month but a 22% increase year-on-year [2]. - The light truck market, which includes light trucks, small trucks, and pickups, sold 161,700 units in October, with a year-on-year increase of 0.3%, marking a "9 consecutive months of growth" [4][5]. Light Truck Market Analysis - The light truck market's year-on-year growth of 0.3% in October is the only segment that underperformed compared to the overall truck market, which saw a 22% increase [5]. - Cumulatively, from January to October 2025, the light truck market's sales reached 1.6442 million units, reflecting a 6% year-on-year increase, which is lower than the overall truck market's growth [9][17]. Historical Context - The October 2025 sales of 161,700 units rank fourth in the last ten years, indicating a stable but not exceptional performance compared to previous years [7]. - The cumulative sales of light trucks in the first ten months of 2025 are within the normal range of 1.5 million to 1.6 million units seen over the past decade [9]. Company Performance - Seven companies sold over 10,000 units in October 2025, with Foton leading at 38,000 units, followed by Changan, Great Wall, and others [12][13]. - Among the top ten companies, six experienced year-on-year sales growth, with notable increases from Changan (24%), Great Wall (9%), and others [16][20]. Market Share Dynamics - Foton holds a market share of 22.27%, while Changan, Great Wall, and others have shares ranging from 8.66% to 9.19% [17][22]. - Companies like Remote and BYD saw significant market share increases, with BYD's share rising by 1.69 percentage points [22]. Future Outlook - The light truck market's performance in the upcoming months will be closely monitored to see if the trend of consecutive growth can continue [23].

Core Viewpoint - The commercial vehicle market in China experienced a significant year-on-year growth of 30% in September 2025, with the truck market growing by 29%. However, the light truck segment showed a modest growth of only 3%, indicating a divergence in performance within the truck market [1][3][5]. Sales Performance - In September 2025, the total truck sales reached 312,000 units, marking a month-on-month increase of 15% and a year-on-year increase of 29%. The light truck market sold 161,400 units, with a month-on-month growth of 15% but a year-on-year growth of only 3%, which is a decrease of 3 percentage points compared to the previous month [3][5][12]. - The light truck market's performance in September is considered normal, ranking third in the last ten years, although it is significantly lower than the peak sales in September 2020 [7][9]. Cumulative Sales - From January to September 2025, the cumulative sales of light trucks reached 1.4819 million units, representing a year-on-year growth of 6%. This figure is within the normal range observed over the past decade [9][19]. - The cumulative sales growth of light trucks in the first nine months of 2025 is attributed to an additional 87,100 units sold compared to the same period last year [9][24]. Company Performance - In September 2025, seven companies sold over 10,000 light trucks, with Foton leading at 36,100 units, followed by Changan and Jianghuai. The top five companies accounted for 56.95% of the market share [11][12][19]. - Among the top ten companies, six experienced year-on-year sales growth, with notable increases from companies like Changan and Jiangling, which grew by 24% and 27% respectively [16][17][21]. Market Share Dynamics - The market share of leading companies such as Foton, Great Wall, and BYD has increased, with BYD showing a remarkable growth of 517% year-on-year [21][23]. - The competitive landscape has shifted, with companies like Jianghuai and Jiangling improving their rankings in the market, while others like Foton and Changan maintained their positions [17][23].