智通财经APP获悉，12月22日，中国汽车流通协会发布2025年11月轻微型卡车销量(批发)月度形势分析报告。报告显示，2025年11月全国轻型卡车销量(批 发)为17.95万辆，同比增长7.13%，环比增长10.99%；微型卡车销量(批发)为3.61万辆，同比增长47.69%，环比增长18.09%。1-11月，全国轻型卡车累计销 量为181.68万辆，同比增长5.73%；微型卡车累计销量为38.60万辆，同比下降1.64%。 销量（万辆） 同比增长率(%) 25.00 40.00 22.54 35.00 30.00 20.00 18.17 17.95 16.82 25.00 16.17 16.01 16.14 20.00 13.83 14.04 15.00 15.00 10.00 14.66 10.00 5.00 7 4 7.13 5.52 0.00 3.60 2.57 2.51 1.83 5.00 0.26 -5.00 -10.00 -9.3 0.00 -15.00 1月 2月 3月 4月 г)目 6月 7月 8月 9月 10月 11月 12月 17.67 20.96 15.25 14.31 16.35 ...

Summary of Key Points Core Viewpoint - The sales data for light and micro trucks in China shows mixed performance, with light truck sales experiencing slight growth while micro truck sales have seen significant year-on-year increases but a decline month-on-month. Group 1: Light Truck Sales - In October 2025, the wholesale sales of light trucks reached 161,700 units, representing a year-on-year increase of 0.26% and a month-on-month increase of 0.20% [7] - From January to October 2025, the cumulative wholesale sales of light trucks totaled 1,637,300 units, reflecting a year-on-year growth of 5.57% [7] - The top five companies in light truck sales for October 2025 accounted for 58.37% of the market share, with Foton, Changan, Great Wall, JAC, and Dongfeng leading [15] Group 2: Micro Truck Sales - In October 2025, the wholesale sales of micro trucks were 30,500 units, showing a remarkable year-on-year increase of 64.95% but a month-on-month decline of 10.00% [22] - The cumulative wholesale sales of micro trucks from January to October 2025 reached 349,900 units, which is a year-on-year decrease of 4.91% [22] - The top five companies in micro truck sales for October 2025 held a dominant market share of 94.71%, led by SAIC-GM-Wuling, Changan, Chery, Dongfeng, and Kaima [29]

Core Viewpoint - The micro truck market in China has shown a mixed performance in 2025, with a notable decline in cumulative sales compared to the previous year, despite a significant year-on-year growth in October sales. Group 1: Market Performance - In the first three quarters of 2025, the micro truck market experienced a pattern of "2 consecutive increases," "4 consecutive decreases," and "3 consecutive increases," with cumulative sales in September down by 10% year-on-year [1] - In October 2025, the overall truck market saw a 22% year-on-year increase, while the micro truck market sold 30,500 units, reflecting a 10% month-on-month decline but a 65% year-on-year increase, marking a "4 consecutive increases" trend [4][10] - The cumulative sales from January to October 2025 reached 347,800 units, which is the lowest in the past five years, down by approximately 25,000 units compared to the same period last year [7][15] Group 2: Company Performance - In October 2025, the top three companies in the micro truck market were SAIC-GM-Wuling, Changan Automobile, and Chery Automobile, with market shares of 52.02%, 19.16%, and 13.96% respectively [13] - SAIC-GM-Wuling achieved a remarkable year-on-year growth of 271%, while Changan and Foton also saw increases of 77% and 62% respectively [10] - Among the eight companies that sold micro trucks in October, four experienced sales growth while four saw declines, with one company reporting a 60% drop in sales [10] Group 3: Market Share and Trends - The top six companies in the micro truck market accounted for 98.97% of the total market share in October 2025 [13] - The market share for the leading companies from January to October 2025 was as follows: Wuling at 51.22%, Changan at 17.96%, and Chery at 13.00% [17] - The micro truck market has shown fluctuations with periods of growth and decline, and as of October, the cumulative decline was 7%, with a potential for recovery in the remaining months of the year [15][17]

Core Insights - The micro truck market in China has shown a fluctuating trend in sales, with a cumulative sales decline of 15% after August 2025. However, in September, the overall truck market saw a significant year-on-year growth of 29%, with the micro truck segment outperforming this growth at 82% [1][3]. Sales Performance - In September 2025, the total sales of trucks in China reached 312,000 units, marking a 15% increase from August and a 29% increase year-on-year. The micro truck market sold 33,900 units, with a month-on-month growth of 10% and a year-on-year growth of 82%, achieving three consecutive months of year-on-year growth [3][5]. - Over the past five years, the micro truck market has experienced a pattern of decline and growth in September, with this year's sales of 33,900 units being the second lowest in the last five years, nearly half of the highest sales in September 2023 [5][11]. Market Share and Company Performance - In September 2025, three companies held over 10% market share in the micro truck segment, with SAIC-GM-Wuling leading at 53.41% market share, followed by Chery and Changan with 16.06% and 12.37% respectively. The top six companies accounted for 99.44% of the market share [11][12]. - Cumulatively, from January to September 2025, the micro truck market sold 317,300 units, reflecting a 10% year-on-year decline. The sales performance varied among companies, with Chery showing a 45% increase, while others like Shandong Kaima and Yuchai New Energy faced significant declines [12][15]. Future Outlook - The micro truck market has experienced a mixed performance throughout 2025, with two consecutive months of growth at the beginning of the year, followed by four months of decline, and then three months of growth from July to September. The cumulative decline stands at 10%, with a net decrease of approximately 37,000 units compared to the previous year. The market still has three months left in 2025 to potentially close the year on a positive note [15].