Commercial vehicle market vitality

The "renewal of old" policy has significantly impacted the light truck and commercial vehicle markets. This initiative, designed to stimulate sales and boost economic activity, has also had a positive effect on bus sales. One of the key components of this policy is the expansion of subsidies under the "new trade" program, aimed at reviving the automotive market. Last week, the State Council announced an extension of the subsidy scope and an increase in financial support for car retirement programs. The central government plans to raise the retirement subsidies from 1 billion yuan to 5 billion yuan this year. Compared to previous policies like the "car-to-country" initiative, this new approach is expected to have a more pronounced impact on the sales of light and medium trucks, as well as light and medium passenger vehicles. Industry experts explain that the difference between the "replacement of old for new" and the half-purchase tax policy lies in its focus on the characteristics of the car market. This policy is specifically designed to boost commercial vehicle sales. For automakers in Dongguan, the "trade-in" program offers an opportunity to drive commercial vehicle sales, although smaller vehicles under 1.6 liters may not qualify for discounts. Since the beginning of the year, with the introduction of policies such as "autos going to the countryside," halving purchase taxes, and automobile revitalization plans, passenger car sales have gradually improved over the first four months. However, commercial vehicle sales have lagged behind. In April, the number of vehicles launched by national auto companies reached 1,153,100, up 24.98% year-on-year. Passenger car sales hit 831,000 units, up 37.37%, while commercial vehicles only saw a 1.38% increase. Given the current economic climate, the gap between these two segments is quite significant. The government's new "renewal of old" policy is intended to help commercial vehicle sales gain momentum. Unlike the previous "car-to-countryside" initiative, which targeted rural residents, this new policy applies to urban customers and businesses. These groups typically have more complete licensing procedures and are more likely to meet the requirements for scrapping and redemption, making them more eligible for subsidies. Previously, the scrapping subsidies were limited to light-duty trucks, but the new policy expands the scope to include medium, light, and micro-duty trucks, as well as some mid-size passenger vehicles. It also provides incentives for early scrapping of "yellow mark cars." Subsidy amounts vary depending on the vehicle type, with light trucks receiving up to 5,000 yuan, minivans up to 4,000 yuan, and other models ranging from 2,000 to 6,000 yuan. Experts believe this policy will significantly boost sales of medium and light trucks, as well as buses. As the economy continues to recover, consumer demand for commercial vehicles is expected to rise. In Dongguan, where the material flow and exports have been growing, commercial vehicle sales are anticipated to pick up in the second half of the year. While the "new trade" policy is expected to have a greater impact on the mainland market than on coastal regions like Dongguan, it has already begun to show positive results. Pickup truck sales, for instance, have seen a notable improvement, with some dealers reporting monthly sales of over 100 units. Looking ahead, competition in the low- and mid-range commercial vehicle segment is expected to intensify. New models from manufacturers like Qingling, Great Wall, and Jianghuai are entering the market at competitive prices, aiming to capture market share. With the implementation of the "new-for-new" subsidy, businesses are likely to compete more aggressively on price, performance, and features. As Dongguan’s export-driven economy recovers, commercial vehicle demand is expected to grow. While high-end trucks remain popular among large logistics companies, the majority of buyers are still focusing on affordable, mid-range options. Therefore, in the near future, low-end commercial vehicles are expected to dominate the "new trade" market.

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