The recovery of the heavy truck market has become increasingly evident.
This reporter learned that the independent research organization Monita released the latest report that after a sustained rapid recovery since March, cumulative sales of heavy trucks from January to October reached 510,000, a year-on-year growth rate of -6% from January to September. Increased to 2% in January-October and achieved positive growth.
Chery Automobile, an independent brand, announced on November 25 that its heavy-duty truck engine joint venture with Yuchai Power officially started. The first-phase investment is 500 million yuan and the production capacity is 50,000. The second-phase project will be completed in 2015 with a total capacity of 200,000 vehicles.
According to an insider from Chery Automobile, the engine plant is a "sun company" of Chery Automobile and the product will be supplied to Chery's heavy truck joint venture. According to him, in May last year, Chery established a joint venture company with the CIMC Group and another investment company, “Jiray United Automobile Company†to produce heavy truck products with a total investment of RMB 2 billion, and the proportion of investment of the three parties’ shareholders. 45:45:10. According to the company's plan, the sample car will go offline at the end of next year.
On November 25, Yuchai Group announced that from January to October of this year, Yuchai Group's sales revenue reached 22.063 billion yuan, which was more than the total amount of the previous year, an increase of 20.21% over the same period last year.
Guoxin Securities analyst told reporters that heavy trucks and cars are still the most deterministic growth sub-sectors in the auto industry.