According to our China New Energy Bus and Truck Monthly Tracker, total registrations of electrified commercial vehicles in August maintained their growth momentum, registering an 87% year-on-year increase to 17,822 units – a new high in 2022. The bus market accounted for a majority 56% of registrations in that month, but the truck segment generated a higher year-on-year growth rate – 89%.
In August, registration sales of new energy trucks stood at 7.831 units, a new record for 2022. This came in the wake of the general recovery of the truck market, particularly the light-duty trucks segment, as well as the continued penetration of electrified vehicles.
Following a decline in sales over 13 consecutive months, the truck market rebounded by 8% year-on-year in August, in part due to the low sales volumes during the same period last year, but also because light-duty trucks led the way in a sales recovery thanks to government policy incentives. The relatively low impact of the pandemic on the sector also had a bearing on the recovery in sales, as did the implementation of regulations to control the issue of overloading of light-duty vehicles. Furthermore, new energy vehicles continued their rapid penetration, accounting for 3.0% of sales in August, up by 1.3 percentage points compared with the same period last year.
Heavy-duty vehicles also achieved strong growth
All vehicle types registered strong growth in August. Driven by the increasing adoption of electrified solutions in the heavy-duty sector where the control of emissions is a high priority, and more specifically the promotion of battery-swapping solutions, the sales of electrified heavy-duty trucks maintained their growth momentum, registering a 130% year-on-year increase to 1,827 units. Light-duty trucks achieved a 78% year-on-year growth, and remained the largest product group, accounting for 74% of total new energy truck registrations.
Growth in different powertrains
From a powertrain perspective, battery electric remained the dominant type for new energy trucks, occupying a 95% share and registrations of battery electric trucks maintained strong growth at 86% year-on-year. With the delivery of hydrogen fuel cell trucks into the market for demonstration projects in various cities, this segment saw a more than fivefold increase in sales year-on-year, up to 250 units. Sales of hybrid trucks – primarily light-duty trucks – were up by 39% to 151 units.
For more information on the China New Energy Bus and Truck Market, contact Principal Analyst Shirly Zhu.