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Sinotruk: Inventory is at a High Level, and the Domestic Heavy Truck Market is Expected to Recover in 2023

Author ：Heavy Duty Truck     Add Time ： 2022-12-05     PV ：

Recently, Sinotruk said in a survey that, judging from the current situation, compared with the current monthly sales, the industry's inventory is at a high level, but compared with the same period last year, the industry's overall inventory has already significantly lower.

According to reports, from the perspective of 2022, after years of continuous high-level operation in the heavy truck industry, some demand has been overdrawn in advance. For this year, the epidemic has also had a greater impact on the heavy truck market. First, the epidemic has disturbed the resumption of work and production in various places, thus affecting the terminal freight volume. Second, the isolation of logistics status in various places reduces the desire of end users to purchase heavy trucks. According to the latest data from the China Association of Automobile Manufacturers, sales in October were 48,200 vehicles, a year-on-year decrease of 9.9% and a month-on-month decrease of 7%. From January to October, the cumulative sales of heavy trucks were 571,000 units, a year-on-year decrease of 55.6%. Judging from the data alone, although the rate of decline is narrowing and the month-on-month decline has been somewhat lower, it does not represent specific significance due to the low base. From the current point of view, this year's heavy truck market has been in a downturn due to the early overdraft and the impact of this year's epidemic.

Sinotruk also said, but overall, the basis for supporting the healthy development of heavy trucks has not changed. The early impact is mainly the short-term impact of policy norms. But for heavy trucks, the biggest impact is the country's overall economic aggregate. Judging from China's current domestic economic aggregate, it is necessary to maintain a large number of heavy trucks to support the development of the domestic economy. Especially from the perspective of national highway freight volume and cargo turnover, it has shown a long-term steady growth trend, forming a strong support for the domestic heavy truck market, and it is expected to be in a state of gradual recovery in 2023

At the same time, Sinotruk also believes that for domestic heavy truck exports, the entire overseas market has always been in a steady growth trend. The main reasons are, first, that China's heavy truck distribution network is relatively sound, and brand building has also been greatly improved. Second, the demand in overseas markets is also gradually increasing. Many countries have introduced more economic stimulus policies after the epidemic, which has increased the demand for heavy trucks. Third, the markets we face are mainly in Africa, Southeast Asia, Latin America and other regions, and their market capacity is relatively large. The continuous rise of global bulk commodity prices and long-term high levels has driven the enthusiasm of the energy and mining fields in resource-based countries, and further stimulated the continuous increase in the demand for heavy trucks. In the face of the impact of the global epidemic, the rapid recovery of the supply chain of Chinese brands has also effectively supported the rapid response of Chinese brand heavy trucks to the recovery of international market demand.

Now is a good time to vigorously develop the international market. As the company's main overseas distributor, Sinotruk International has a relatively complete overseas marketing network system. On this basis, the company is also continuing to optimize product structure, upgrade product performance, do a good job in improving the adaptability of products to the international market, and assist Sinotruk International to continuously develop new market segments on the basis of maintaining traditional competitive advantages.

In terms of new energy heavy trucks, Sinotruk stated that the company has completed the core layout of the three major technical routes of pure electric, hybrid, and hydrogen fuel cells for traction, cargo, engineering, and special vehicles, and developed a full range of new energy commercial vehicles. At present, new energy heavy trucks are mainly used in regional application scenarios, such as ports, steel plants, logistics parks, and cities. The expansion of future application scenarios requires further improvement of related technologies.