Passenger Link Branch: Sales of 45,000 vehicles in the pickup market increased 17.2% month-on-month in September

The Zhitong Finance App learned that on October 15, the Passenger Link Branch released a quick report on the wholesale sales rankings of pickup truck manufacturers for September 2024. According to the data, 42,900 pickup trucks were produced in September 2024, down 4.5% year on year; in September, 45,000 pickup trucks were sold, up 3.0% year on year, up 17.2% month on month, which is the median level of the past 5 years. Pickup sales in January-September of this year were 385,000 units, achieving a 2.0% year-on-year increase. Compared with the overall negative growth of light trucks, pickup trucks performed well.

Great Wall Motors (601633.SH) continues to maintain its leading position as a strong pickup truck, and has performed well at home and abroad. In the domestic pickup truck market, Great Wall Pickup, Jiangling Motors (000550.SZ), Zhengzhou Nissan, and Jiangxi Isuzu continued to perform well, and the “top three pickup trucks” pattern continued to be maintained.

Pickup truck exports: In September, 24,000 pickup trucks were exported, accounting for 52% of their sales. Pickups accounted for 27% of China's total truck exports in September. As an international model pickup truck, it has become the strongest category in China's commercial vehicle exports.

Production by international car companies has been insufficient in the past two years, and there is a large gap between supply and demand. This has laid the foundation for China's pickup truck exports overseas, and has also promoted the continued growth of China's pickup truck exports since 2022. Pickup truck exports continued to show the same strong growth trend in January-September of this year. Some pickup truck companies seized export opportunities to achieve strong growth. For example, JAC (600418.SH), Changan Automobile (000625.SZ), Great Wall Motor, and SAIC Chase all had a large export scale, accounting for more than half of the total pickup truck sales of their respective manufacturers.

Comprehensive evaluation: Although the country is increasing its efforts to promote consumption and unreasonable measures restricting consumption are gradually being lifted, consumption in restricted cities and restricted cities is still sluggish, and demand for pickup trucks is still sluggish. In the past two years, the domestic pickup truck production and sales market has mainly been reflected in the northwest, southwest, central regions, and northeast markets. It is a false proposition. The effect of “pickup trucks entering the city” is far less effective than “pickup trucks going to the countryside”. The share of pickup truck sales in the county and township markets this year is still a good increase compared to last year, which effectively offsets the contraction of pickup trucks in domestic cities.

With the launch of the domestic electric pickup truck market, electric pickup trucks such as Geely Radar are gradually cultivating the market. It is expected that more new energy pickup products will meet domestic and foreign demand in the future.