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February heavy-truck sales fell 54% to 54,000 units! How many did Jiefang, Sinotruk, Dongfeng, Shaanxi Auto, and Foton sell? | Guangyao Car Reviews

In February, amid an overall market downturn, what was the competitive landscape among the major heavy-truck manufacturers? Are there any new developments?

Release Date:

2022-03-04

　　In February, amid an overall market downturn, what was the competitive landscape among the major heavy-truck manufacturers? Are there any new developments?

　　Please see the analysis report brought to you by First Commercial Vehicle Network.

In February, the heavy-truck market declined by 54%, driven by three key factors.

　　Due to the coinciding Spring Festival holiday, market demand remained weak, resulting in significant year-on-year and month-on-month declines in heavy-truck sales in February.

　　According to the latest data from the First Commercial Vehicle Network, China’s heavy-truck market sold approximately 54,000 units in February this year, a 43% month-over-month decline from January and a 54% drop compared with 118,300 units in the same period last year—representing a net reduction of 64,000 units. At 54,000 units, February marked the lowest monthly sales figure for heavy trucks since 2017 (excluding February 2020, a special month when the industry nearly ground to a halt due to the COVID‑19 pandemic). Moreover, February was the tenth consecutive month of decline for the heavy-truck market, following the downturn that began in May last year.

Monthly Sales Trend of China’s Heavy-Truck Market, 2015–2022 (Unit: vehicles)

　　Following February, China’s heavy‑truck market recorded cumulative sales of approximately 149,400 units in January–February 2022, a 50% decline from 301,600 units in the same period last year—a reduction of roughly 152,000 units. According to an analysis by First Commercial Vehicle Network, the sharp year‑on‑year drop in the heavy‑truck market in February can be attributed primarily to persistent conditions in the road‑transport sector, including an oversupply of trucks amid weak freight rates, excessively high levels of existing vehicle stock, and insufficient cargo volumes. As a result, heavy‑truck manufacturers remain relatively cautious about market prospects for the first half of this year, leading to significantly lower pre‑New Year inventory‑building activity among manufacturers and dealers compared with the same period last year.

　　Secondly, during the Spring Festival holiday, end‑user demand weakened. Following the Lantern Festival on the 15th day of the first lunar month, market demand began to recover in the second half of the month, though it has yet to meet expectations. Since the start of the holiday, sporadic outbreaks have persisted across various regions, making epidemic prevention and control a central issue in February’s socio‑economic landscape. This has constrained the movement of people and goods, slowed the resumption of work and production as well as the launch of infrastructure investment projects, and dampened end‑market demand for new vehicle purchases. Thirdly, the year‑on‑year comparison base was exceptionally high. In 2021, the Spring Festival fell in mid‑February; however, buoyed by the robust market conditions of the second half of 2020 and fueled by strong pre‑emptive demand ahead of the National VI emission standard transition, heavy‑truck manufacturers built up substantial inventories, aiming for a strong start to the first quarter—so much so that many companies resumed production even before fully exhausting their seven‑day holiday. These factors further inflated February 2021 sales to 118,300 units, the highest February figure on record for the heavy‑truck market. Such an elevated year‑on‑year baseline objectively contributed to a significant year‑over‑year decline in February sales this year.

Three leading brands surpass 10,000 units; Foton, Dayun, XCMG, and others see market share growth.

　　What new changes have emerged in the competitive landscape of the heavy-truck industry since February?

　　According to data from First Commercial Vehicle Network, in February this year, amid increasingly fierce competition, FAW Jiefang, China National Heavy Duty Truck Group, and Dongfeng maintained their lead in monthly sales, with all three surpassing 10,000 units. During the January–February period, the companies that saw growth in market share included China National Heavy Duty Truck Group, Dongfeng, Foton, Dayun, and XCMG.

February 2022 Heavy-Truck Market Sales Ranking (Unit: vehicles)

　　Specifically, among the top-tier heavy-truck manufacturers—FAW Jiefang, Dongfeng, and Sinotruk—FAW Jiefang sold approximately 12,500 heavy trucks in February this year, securing the monthly sales lead. From January to February 2022, Jiefang’s cumulative heavy-truck sales totaled 38,300 units, with a market share of 25.7%.

　　In February this year, China National Heavy Duty Truck Group sold approximately 12,000 heavy-duty trucks; from January to February, cumulative sales reached 39,700 units, with market share rising to 26.6%, an increase of 9.3 percentage points. Dongfeng Company—including its subsidiaries such as Dongfeng Commercial Vehicle and Dongfeng Liuzhou Motor’s Chenglong brand—delivered about 10,000 vehicles in February. For the first two months of 2022, Dongfeng recorded cumulative sales of 27,600 heavy-duty trucks, capturing a market share of 18.5%, up 1.8 percentage points year over year, and ranking third in the industry in terms of total sales.

　　In February, Shaanxi Automobile Group sold approximately 6,500 heavy-duty trucks, with cumulative sales of 13,400 units year-to-date, capturing a 9% market share. Foton Motor recorded about 6,000 heavy-duty truck sales in February and 12,700 units for the January–February period, achieving an estimated 8.5% market share—an increase of 1.1 percentage points.

　　SAIC Hongyan sold approximately 1,600 heavy-duty trucks in February this year, with cumulative sales of 4,100 units from January to February 2022, capturing a 2.7% market share and maintaining its position among the industry’s top six. JAC Motors sold about 1,600 heavy-duty trucks in February, with cumulative sales of 3,700 units for the first two months, representing a 2.4% market share. Dayun Heavy-Duty Trucks delivered 1,232 vehicles in February, bringing its two-month total to 3,781 units and securing a 2.5% market share—a 1.1 percentage-point increase. XCMG Heavy-Duty Trucks sold 723 units across various models in February, ranking ninth in the industry; cumulative sales for January–February reached 2,182 units, with a 1.5% market share, keeping it in ninth place and marking a 0.1 percentage-point gain.

　　The February market has already settled. With March just upon us, traditionally a peak sales season for the commercial‑vehicle industry, its performance is of paramount importance—indeed, it will largely shape the first‑half‑year trend. Based on current order data, the peak season is gradually taking hold, and governments across the country have begun rolling out economic stimulus measures. From March through May, both upstream and downstream players in the heavy‑truck supply chain must go all‑in; no one can afford to miss this window. So, what will March’s final sales figure look like?

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