What’s new: Sales of new energy-powered heavy-duty trucks surged 139% year-on-year in the first five months of 2024, driven by advances in battery technology and governments’ move toward a greener future, according to Gaogong Industry Institute. Co. Ltd. (GGII).
A total of 20,776 new energy heavy trucks were sold in China between January and May, including 19,700 pure electric vehicles, 976 fuel cell trucks and 100 plug-in hybrid trucks, GGII data showed.
Sales of pure electric-powered heavy trucks grew by 142% from the same period a year ago.
The context: The surge in sales of new energy heavy trucks is primarily driven by cities intensifying efforts to meet carbon reduction goals, the recognition of cost advantages of pure electric heavy trucks, and advancements in battery technology, said GGII.
Trucks weighing more than 14 tons are classified as heavy trucks, generally used for long-distance, heavy-duty transport. According to the Ministry of Ecology and Environment, heavy trucks accounted for about 4% of China’s total vehicle ownership in 2022. However, their emissions of carbon monoxide, hydrocarbons, nitrogen oxides and particulate matter contributed to 10%, 12.9%, 76.1%, and 50.7% of the total automotive emissions respectively.
China has introduced a series of policies since 2021 promoting the transition of heavy trucks to new energy vehicles. According to GGII, the top three companies in new energy heavy truck sales were Nanjing Xugong Automobile Manufacturing Co. Ltd., Sany Automobile Manufacturing Co. Ltd, and China National Heavy Duty Truck Group Co. Ltd. Xugong led with total sales of 3,647 units, holding a market share of 17.55%.
Contact reporter Han Wei (weihan@caixin.com)
