November 2024: New Energy Light Truck Sales Hit 14,000 Units in China

The domestic new energy light truck market in China has shown steady growth in 2024, with sales consistently hitting new records. From 7,000 units to 8,000 units, 9,000 units, and finally surpassing 10,000 units in October, November marked another milestone with record-breaking sales.

According to the latest data, total sales of new energy light trucks in November 2024 reached 13,800 units, a 36% increase compared to October and a 131% year-on-year growth. This growth is a significant jump from October's 71% increase. The market has now seen 11 consecutive months of growth, with an average monthly increase of 157% from January to November 2024.

Fuel Types of New Energy Light Trucks: In 2024, pure electric models remain dominant in the market. Compared to 2023, the share of pure electric trucks has increased by 1.11%. Meanwhile, the share of hybrid models has risen by 0.49%, while fuel cell vehicles have seen a slight decline, with their market share dropping by 1.6%. From January to November, hybrid light trucks sold 6,870 units, accounting for 8.03% of the total, while fuel cell trucks sold 1,606 units, representing 1.88%.

Hybrid Light Trucks: The hybrid light truck market has experienced significant growth in 2024. From January to November, sales increased by 130% year-on-year, outpacing the overall market growth by 14 percentage points. From June to November, monthly sales of hybrid trucks consistently exceeded 600 units, surpassing the overall growth rate of new energy light trucks. Leading companies such as Yutong, FAW Jiefang, Foton, BYD, and JAC have dominated this market, with each selling over 700 units, capturing a major share of the hybrid market.

Fuel Cell Light Trucks: From January to November 2024, fuel cell light truck sales reached 1,606 units, a 17% increase compared to the previous year. However, this growth still lags behind the overall new energy light truck market. Companies like Foshan Feichi, Foton, and Yutong have performed well in this sector. Foshan Feichi has the highest market share, exceeding 30%, with Foton following in second place.

Top Performers in November:  In November, the new energy light truck market continued its strong growth, with total sales reaching 13,800 units, a 131% year-on-year increase. Among the top performers, 14 companies sold over 200 units, and 3 companies sold over 1,000 units. To make the top 10, companies needed to sell more than 600 units.

FARIZON led the market with 3,103 units sold, capturing 22.55% of the market.

Foton ranked second with 2,330 units, holding 16.93% of the market.

Dongfeng secured third place with 1,037 units, achieving a market share of 7.54%.

Cumulative Sales from January to November:

By the end of November, total sales of new energy light trucks had reached 85,500 units, marking a 116% year-on-year growth. Most companies have seen sales growth, with some exceeding the overall market growth rate. Yutong, Shaanxi Automobile, JMC, and Qingling have reported remarkable increases, with sales rising by 238%, 801%, 580%, and 1,150%, respectively.

Market Share: As of November 2024, FARIZON leads the market with a cumulative sales volume of 20,300 units, capturing 23.71% of the market. Foton follows with 9,957 units, holding 11.64% of the market. Both Yutong and Dongfeng have sold over 6,000 units, with market shares of 8.60% and 7.41%, respectively. Other notable performers include SHACMAN and Weichai New Energy Commercial Vehicle, which each hold around 5% of the market.

The new energy light truck market remains hot, with November marking the second consecutive month of sales surpassing 10,000 units. From January to November, the market grew by 116%, with many leading companies reporting double-digit growth. As new energy heavy trucks also hit record sales, the new energy light truck market is expected to surpass 100,000 units by the end of December 2024.

Stay tuned for further updates!