Commercial vehicle market vitality

The "renewal of old" policy has significantly impacted the light truck and commercial vehicle markets, bringing a new wave of momentum. Bus sales have also seen a boost due to this policy, which aims to stimulate demand across different vehicle segments. The government recently announced an extension of subsidy programs, increasing financial support for car retirement. This year, the central government will raise the retirement subsidies from 1 billion to 5 billion yuan, marking a major shift in policy. This move is expected to be more effective than previous initiatives like the "car to the countryside" program, with a strong impact on the sales of light and medium trucks as well as passenger vehicles. Industry experts note that the difference between the "replacement of old for new" and tax reductions lies in its focus on commercial vehicles, designed to drive market growth. For Dongguan automakers, this policy helps boost commercial vehicle sales but does not extend discounts to cars under 1.6 liters. Since the beginning of the year, policies such as the "auto-to-countryside" initiative and tax cuts have helped passenger car sales recover. However, commercial vehicle sales have lagged behind. In April, commercial vehicle sales only rose by 1.38%, while passenger cars saw a 37% increase. The gap is significant, prompting the government to introduce the "renewal of old" policy to support commercial vehicle demand. Experts believe the previous "car to the countryside" policy mainly benefited rural buyers, excluding urban and corporate customers. The new policy covers these groups, who typically have smoother procedures for vehicle scrapping and redemption. As a result, the new policy is expected to have a stronger effect than before. Previously, subsidies were limited to light trucks, but now they include medium, light, and micro trucks, as well as some mid-size passenger vehicles. Vehicles meeting specific age and usage criteria can qualify for subsidies, especially those scrapped ahead of schedule. The subsidy amounts are set at no more than the purchase tax for similar vehicles. For example, light trucks receive up to 5,000 yuan, minivans 4,000 yuan, and mid-size passenger cars 5,000 yuan. Experts predict this will greatly boost sales of medium and light trucks and buses. Commercial vehicle sales had been declining, with a drop of over 20% in March and April. However, dealers report a slight improvement since May, with sales reaching around 120 units per month. As the economy recovers, demand for commercial vehicles is expected to rise, especially in Dongguan, where trade and exports are growing. While the policy has a positive impact, it may be more beneficial in mainland markets than in coastal areas like Dongguan. Pickup truck sales have already improved, with some stores selling over 100 units monthly. In the low- and mid-range commercial vehicle segment (priced between 30,000 and 80,000 yuan), competition is expected to intensify. New models like Qingling’s 100P and Great Wall’s Fengjun are entering the market, offering lower prices and better efficiency. With the new subsidy policy, businesses are likely to compete on price and performance. Dongguan, an export-driven region, is seeing recovery in commercial vehicle demand as exports rebound. While high-end trucks are still in demand, most buyers prefer affordable options. In the near future, low-end commercial vehicles will dominate the "new trade" market.

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