新能源汽车补贴政策逐步退坡，预计整体补贴总额下降 20%-30%，约 为 2,200 亿至 2,300 亿元，同时加强资金管理和审核流程，减少消费者 和经销商垫资情况，打击虚假套利行为，以应对前期资金管理和预算匹 配问题。 新政策调整了不同类型车辆的补贴额度，通过设定下限平衡各档次车型 补贴，小微型电动车补贴减少，中高端车型补贴增加，并调整新能源车 与燃油车的补贴比例，以平衡市场竞争，缓解此前因过度偏向某一类型 车辆引发的不均衡问题。 国家超长期国债发行规模增加，以旧换新预算从 3,000 亿增加到 5,000 亿，加大对汽车更新领域的支持力度，预计未来一年内将有更多资金流 入汽车市场，有助于提升整体消费水平并推动经济增长。 2025 年设备更新政策对货车支持力度大，报废重型柴油货车补贴 4.5 万元，购买新能源货车补贴 9.5 万元，总计 14 万元，高额补贴将显著 促进 2026 年货车报备和更新，尤其利好国三车型。 Q&A 2026 年以旧换新政策的主要变化和预期效果是什么？ 2026 年的以旧换新政策相比 2025 年有几个显著变化。首先，补贴方式从定 额补贴改为按新车价格比例进行补贴，最高不超过 2 ...

前不久，工信部发布了第402批新车公示。其中，共有11款纯电动常规重卡新品配套苏州 绿控电机，还有两款车型配套的是双电机。 | | | | | 2025年工信部第402批新车公示苏州绿控驱动电机配套车型一览 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 企业 | 品类 | 有型 | 总质量 (KG) | 車报型号 | 电机型号 | 峰值功率/马力 (KW) (PS) | | - | | 酸袋车底盘 假货车 | 纯电动截货汽车底盘 纯电动画式货车 | 18000 18000 | YC1181FHWBEV ACS181XXYFHWBEA | TZ270XS-LKM0651 TZ270XS-LKM0651 | 270/368 270/368 | | w N | 广汽顿程 | 酸货车 | 纯电动藏开启厢式货车 | 18000 | YC5181XYKEHWBEV | TZ270XS-LKM0651 | 270/368 | | 4 | | 酸齿车底盘 | 纯电动截货汽车座盘 | 18000 | YC1182FHWBEV | TZ270XS ...

2025年11月份，我国新能源重卡整体销量再创新高，同比继续交出翻倍增长的成绩单。 作为当前新能源重卡领域的"小众"赛道，氢燃料电池重卡与混合动力重卡在11月份双双跑输 新能源重卡市场"大盘"。 请看第一商用车网的分析报道。 氢能重卡增长20%，混动重卡增长31%，双双跑输"大盘" 根据第一商用车网掌握的最新数据，2025年11月份，国内新能源重卡共计销售2.80万辆 （注：本文数据来源为交强险实销口径，不含出口和军车，下同），同比增长178%，其中纯 电动、燃料电池和混动动力（包括柴油混合动力、甲醇混合动力和天然气混合动力，下同）车 型分别销售2.72万辆、592辆和119辆，环比分别增长38%、168%和-22%，同比分别增长 188%、20%和31%，燃料电池重卡同比增速实现转正（10月份下降57%），混合动力重卡 增速较上月大幅缩窄（10月份增长103%），双双跑输新能源重卡市场"大盘"。就这一角度而 言，11月份新能源重卡的大爆，很大程度上只是纯电重卡"一个人的狂欢"，不过跑输市场"大 盘"的氢能和混动重卡，同样不乏看点和亮点。 根据第一商用车网的观察，混合动力重卡和氢燃料电池重卡今年的"存在感"都 ...

Summary of Electric Heavy Truck Market Conference Call Industry Overview - The electric heavy truck market is projected to see sales of 210,000 units in 2025, representing a growth of over 150% compared to the previous year, with a penetration rate of 26% [1][2][3] - The market is shifting from being policy-driven to a dual-driven model due to declining battery prices and increased competition among manufacturers [1][4] Key Insights and Arguments - **Battery Price Decline**: The price of batteries has significantly decreased from 1,000 yuan per kWh to around 500 yuan, leading to a reduction in the price of electric heavy trucks from over 600,000 yuan to around 400,000 yuan [1][3][4] - **Government Subsidies**: The government has increased subsidies for replacing old National IV vehicles, providing an additional 30,000 yuan for electric vehicles compared to diesel ones, making the economic case for electric trucks more favorable [1][6] - **Cost Efficiency**: The cost per kilometer for pure electric heavy trucks is approximately 0.8 yuan, significantly lower than the 2.4 to 2.5 yuan for diesel trucks, leading to substantial savings over time [7][8] - **Market Dominance**: Pure electric heavy trucks dominate the market with over 95% share and are expected to remain the mainstream option until at least 2030, as hydrogen and hybrid models struggle with economic viability [1][7] Future Market Trends - **Sales Projections**: Sales of electric heavy trucks are expected to decline to 180,000-190,000 units in 2026 due to market saturation from the previous year's surge, but penetration rates are anticipated to approach 30% [8][19] - **Charging vs. Battery Swapping**: The market is transitioning from battery swapping to charging, with charging models accounting for 47% of the market in 2025, driven by lower costs and operational efficiency [12][13] - **Infrastructure Challenges**: The electric heavy truck market faces challenges in mid-to-long-distance transportation due to insufficient range, battery weight issues, and inadequate charging infrastructure, which need to be addressed over the next two to three years [9][10][18] Additional Important Points - **Market Segmentation**: Different battery capacities are emerging, with 400-500 kWh models becoming the mainstream choice, while smaller capacity models are declining [15][20] - **User Preferences**: High-end users prioritize brand reputation and total lifecycle costs, often opting for established brands like CATL, while mid-tier users focus on short-term costs and may choose cheaper alternatives [25][26] - **Supplier Diversification**: Manufacturers are increasingly collaborating with multiple battery suppliers to avoid dependency on a single source, enhancing their bargaining power and profit margins [27] This summary encapsulates the key points discussed in the conference call regarding the electric heavy truck market, highlighting growth trends, economic factors, and future challenges.

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant differences in performance among sub-segments, particularly between hydrogen fuel cell trucks and hybrid trucks [1][4]. Sales Performance - In October 2025, a total of 20,100 new energy heavy trucks were sold, marking a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with year-on-year growth rates of 191%, -57%, and 103% respectively [4][6]. - Fuel cell trucks experienced a decline after a brief increase in September, while both pure electric and hybrid trucks continued to see substantial growth, with pure electric trucks outpacing the overall growth rate of new energy heavy trucks [4][6]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a significant increase in the dominance of pure electric trucks compared to the same period in the previous two years [6][4]. Hybrid Truck Performance - In October 2025, hybrid truck sales reached 152 units, representing a year-on-year increase of 103%, marking the tenth consecutive month of growth. The leading company, YuanCheng, sold 110 units, maintaining its position as the monthly sales champion [10][12]. - The cumulative sales of hybrid trucks from January to October 2025 reached 871 units, reflecting a year-on-year growth of 158%. However, this growth rate is lower than the overall growth rate of the new energy heavy truck market [14][16]. Company Rankings - YuanCheng holds a dominant market share of 68.08%, significantly increasing by 18.23 percentage points compared to the previous year. Other notable companies include Foton with a market share of 10.79% and Changzheng with 8.96% [16][17].

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant variations in the performance of different segments [1][3]. Sales Performance - A total of 20,100 new energy heavy trucks were sold in October 2025, representing a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with respective year-on-year growth rates of 191%, -57%, and 103% [3][5]. - The sales of fuel cell trucks saw a significant decline, with a month-on-month drop of 61% and a year-on-year decrease of 57%. In contrast, hybrid trucks experienced a year-on-year increase of 103% [5][9]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a growing dominance of pure electric trucks compared to previous years [6][12]. - The competition among fuel cell truck manufacturers is intense, with 17 players in the market as of October 2025, down from 23 the previous year. Only 12 companies achieved double-digit sales [12][16]. Manufacturer Performance - In October, Dongfeng led the fuel cell truck sales with 110 units, followed by SANY with 75 units and XCMG with 30 units. The overall market for fuel cell trucks is characterized by a stark contrast in performance among manufacturers, with some experiencing significant growth while others faced steep declines [9][12]. - SANY surpassed Heavy Truck in cumulative sales, ranking first with 648 units sold and a market share of 26.05%. Heavy Truck followed closely with 592 units and a 23.79% market share. Dongfeng's market share reached 20.78%, reflecting a notable increase from the previous year [16].

Core Viewpoint - In September 2025, China's new energy heavy truck sales reached a record high of 24,100 units, with significant growth in various segments, including hydrogen fuel cell and hybrid heavy trucks, which have previously had less market presence compared to pure electric heavy trucks [1][4]. Summary by Sections Overall Market Performance - In September 2025, total sales of new energy heavy trucks in China amounted to 24,100 units, representing a year-on-year increase of 206%. The breakdown includes 23,500 pure electric trucks, 565 fuel cell trucks, and 78 hybrid trucks, with respective year-on-year growth rates of 210%, 96%, and 212% [4][6]. Fuel Cell and Hybrid Truck Insights - After five consecutive months of year-on-year decline, fuel cell heavy trucks finally saw growth in September 2025. The hybrid heavy truck segment also demonstrated strong performance, with a year-on-year increase of 212% [4][10]. Market Share Analysis - For the first nine months of 2025, fuel cell and hybrid heavy trucks accounted for only 1.65% and 0.52% of the new energy heavy truck market, respectively, totaling 2.17%. The remaining 97.83% were pure electric models, indicating a higher market share for pure electric trucks compared to the same period in the previous two years [6][12]. Hybrid Truck Sales Breakdown - In September 2025, hybrid heavy truck sales reached 78 units, marking a 212% year-on-year increase. The leading company in this segment was YuanCheng, with 34 units sold, followed by Foton and Changzheng with 24 and 8 units, respectively [10][12]. Cumulative Sales Data - From January to September 2025, hybrid heavy truck sales totaled 719 units, reflecting a year-on-year growth of 174%. The growth rate for cumulative sales increased by 4 percentage points compared to the previous eight months [14][16]. Company Performance - YuanCheng led the hybrid heavy truck market with a market share of 67.18%, significantly up by 21.76 percentage points year-on-year. Foton and Changzheng followed with market shares of 12.10% and 8.76%, respectively, both showing year-on-year increases [16].

Core Insights - In September 2025, China's new energy heavy truck sales reached a record high of 24,100 units, with significant growth across various segments, including hydrogen fuel cell trucks, which had previously seen a decline [1][4]. Sales Performance - The total sales of new energy heavy trucks in September 2025 were 24,100 units, representing a year-on-year increase of 206%. The breakdown includes 23,500 units of pure electric trucks, 565 units of fuel cell trucks, and 78 units of hybrid trucks, with respective year-on-year growth rates of 210%, 96%, and 212% [4][5]. - Fuel cell trucks ended a five-month decline with a 249% month-on-month increase in September, selling 565 units. Dongfeng ranked first in sales for the month, followed by SANY, with significant contributions from other manufacturers [11][18]. Market Share and Trends - For the first nine months of 2025, fuel cell trucks accounted for only 1.65% of the new energy heavy truck market, while hybrid trucks held a mere 0.52%, indicating a strong dominance of pure electric models at 97.83% [7]. - The competitive landscape for fuel cell trucks has intensified, with five different manufacturers achieving monthly sales leadership throughout the year, highlighting a dynamic and competitive market environment [13][19]. Company Performance - In terms of cumulative sales from January to September 2025, China National Heavy Duty Truck Group (重汽) led with 592 units sold, capturing a market share of 26.11%. SANY followed closely with 573 units and a 25.28% market share, both showing significant year-on-year increases [18][19]. - The market for fuel cell trucks has shown a stark contrast in performance among manufacturers, with some experiencing substantial growth while others faced significant declines, illustrating a bifurcated market landscape [18][19].

Core Insights - The Ministry of Transport has officially announced the second batch of typical zero-carbon transportation and facility pilot projects, with the "Lubei Green Chain" zero-carbon heavy-duty transportation route project from Lijin County, Shandong Province, successfully selected, marking a significant breakthrough in zero-carbon freight in the region [1][2] Group 1: Project Overview - The "Lubei Green Chain" project is based on stable coal transportation services between the Lubei Railway Logistics Park and the Guoneng Boxing Power Plant, utilizing 60 pure electric heavy trucks and 16 dedicated charging stations [1] - The project aims to create an efficient and collaborative zero-carbon heavy-duty transportation route [1] Group 2: Support and Implementation - Lijin County has established a three-tier support system focusing on organizational assurance, collaborative synergy, and financial optimization to ensure high-standard pilot construction [2] - The project involves close cooperation between transportation enterprises, logistics hubs, and technical support units, facilitated by regular joint meetings to address key bottlenecks [2] Group 3: Financial and Technical Strategies - The introduction of authoritative think tanks for technical supervision ensures alignment with national strategies throughout the project [2] - Financial institutions are engaged to develop green financial products, reducing transformation costs for enterprises and attracting social capital for clean energy network construction [2] Group 4: Future Goals - Lijin County aims to expand zero-carbon transportation capacity, enhance energy supply networks, and establish a new energy smart platform, with a goal to complete all construction tasks within three years [2] - The "Lubei Green Chain" is envisioned to become a national model for zero-carbon freight, promoting a virtuous cycle of technological breakthroughs, application scenarios, and industrial upgrades [2]

Core Viewpoint - The domestic new energy heavy truck market in China continues to perform strongly, with total sales reaching approximately 17,800 units in August 2025, marking a year-on-year increase of 182% [1][4]. Summary by Sections New Energy Heavy Truck Market Performance - In August 2025, the new energy heavy truck market sold 17,800 units, with pure electric trucks being the dominant segment, accounting for 97.94% of total sales [4][7]. - Sales figures for different types of new energy trucks include 17,500 pure electric trucks, 162 fuel cell trucks, and 76 hybrid trucks, with year-on-year growth rates of 208%, -72%, and 145% respectively [4][5]. Fuel Cell and Hybrid Truck Insights - Fuel cell trucks have experienced a decline for five consecutive months, with a year-on-year decrease of 72% in August [5][7]. - Hybrid trucks, while showing a significant year-on-year increase of 145%, still lag behind the overall growth rate of the new energy heavy truck market [5][11]. Market Share and Company Performance - From January to August 2025, hybrid truck sales totaled 641 units, reflecting a year-on-year increase of 170%, but the growth rate has slowed compared to previous months [11][15]. - The leading company in hybrid truck sales is "远程" (Yuan Cheng), with a market share of 70.05%, followed by 福田 (Foton) at 9.83% and 河北长征 (Hebei Changzheng) at 8.58% [15][16]. - Notably, "远程" has achieved a remarkable year-on-year growth of 345%, while 福田 and 河北长征 have also shown substantial increases of 473% and 288% respectively [15][16].