Sinotruk Achieves Strong Growth in 2024, Sets Ambitious Goals for 2025

In 2024, the commercial vehicle market faced fierce competition, and overall sales did not meet initial expectations. Total commercial vehicle sales reached 3.87 million units, lower than the projected 4 million, while the heavy-duty truck (HDT) market dropped from an expected 1 million units to 900,000. Additionally, Dayun Heavy Truck and SAIC Hongyan encountered financial difficulties and entered bankruptcy restructuring.

Despite these challenges, Sinotruk delivered an outstanding performance in 2024. The company led the HDT sector in sales, market share, and exports, achieving ten "No. 1" rankings. Sinotruk sold 342,700 commercial vehicles throughout the year, ranking fourth in the industry—just 300 units behind Changan but nearly 100,000 units ahead of FAW Jiefang. Compared to 2023, Sinotruk not only secured its position among the top four but was also one of the few companies to achieve growth.

By the end of 2024, Sinotruk’s revenue is expected to exceed RMB 194 billion, up more than 10% year-on-year. Its total tax and profit contributions are projected to reach RMB 12 billion, an increase of over 15%. Total vehicle sales are estimated at 370,000 units, reflecting a 10% growth.

Strong Overseas Performance

Sinotruk also excelled in global markets. In 2024, HDT exports are expected to reach 135,000 units, up 4%, with export revenue projected at RMB 45.1 billion, a 5% increase. The company saw impressive sales growth in key markets, including a 74% increase in Saudi Arabia and a 98% rise in Australia. Sinotruk ranked first in sales across the Middle East, South Asia, Africa, and the CIS region. To strengthen its global presence, the company established 29 new KD factories, 226 dealership outlets, 246 service stations, and 217 parts supply networks worldwide.

Leading the Domestic Market

In China, Sinotruk fiercely competed with FAW Jiefang for market leadership and secured top positions in multiple segments. The company ranked first in ten niche markets, including long-haul transport, gas-powered trucks, hazardous goods transport, express logistics, and construction dump trucks. By the end of 2024, Sinotruk's HDT sales are expected to reach 105,000 units, with a market share of 20.2%, while light truck sales are estimated at 95,000 units, capturing an 18.5% share.

Rapid Growth in New Energy Vehicles

Sinotruk made significant strides in the new energy vehicle (NEV) sector. NEV HDT sales are projected to reach 8,600 units, a 280% year-on-year increase. The company registered 7,814 NEV HDTs in China, up 298%, leading the market in growth for both short-haul tractor units and 8×4 dump trucks. NEV light truck sales are expected to reach 3,300 units, growing 15% from the previous year.

Increased Investment in R&D

In 2024, Sinotruk invested RMB 3.1 billion in research and development, an 8% increase, accounting for more than 3% of its total revenue.

Looking ahead, Sinotruk has set a clear goal for 2025: to become the “undisputed leader in China’s commercial vehicle industry.” The company aims to sell 450,000 vehicles, achieving a growth rate of over 20%.

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