Who is leading the growth of the heavy-duty truck industry?

In the first half of 2025, China's heavy-duty truck market ushered in a key turning point after a cyclical adjustment. The performance of the top five traditional heavy-duty trucks - FAW, Dongfeng Motor, Sinotruk, Shaanxi Automobile Group and BAIC Foton is particularly noteworthy.

The top five heavy-duty trucks' high school entrance examination report card: Foton leads the overall growth rate, new energy Dongfeng wears the "leading jersey", and the differentiation of traditional forces intensifies.

In the first half of 2025, China's heavy-duty truck market handed in a very interesting answer sheet in the dual rhythm of recovery and transformation. The traditional top five - FAW, Dongfeng, Sinotruk, Shaanxi Automobile, and Foton - have different performances in the core battlefields of overall growth, new energy and tractors, and the market structure is accelerating.

1. Total growth: Foton "runs wildly", and the growth rate of the traditional top three is slow

In terms of sales volume, Foton heavy-duty trucks have become the biggest dark horse, with cumulative sales in the first half of the year increasing by 74.3% year-on-year, and the monthly growth rate in June was as high as 116.3%, showing strong market expansion power. In contrast, Jiefang's sales in the first half of the year fell slightly year-on-year. Although Dongfeng, Sinotruk and Shaanxi Automobile achieved a slight increase, the growth rate did not exceed 10%. The growth momentum of traditional leading enterprises was obviously weaker than that of Foton.

2. New energy track: Dongfeng "leads the way", and FAW follows closely

In the field of new energy heavy trucks that determine the future discourse power, Dongfeng leads with a year-on-year growth rate of 609.6% from January to June, and the monthly growth rate in June reached 606.3%, becoming the fastest traditional powerhouse in the new energy track. FAW ranked second with a cumulative growth rate of 467.0%. Foton and Shaanxi Automobile both grew by more than 300%, while Sinotruk's growth rate of 225.7% lagged slightly. This track has initially formed a "Dongfeng + FAW" dual-leading pattern, and other companies need to speed up to catch up.

3. Tractor battlefield: Foton takes the lead again, and FAW is obviously dragged down

As the "winner" of the heavy truck market, tractor sales directly reflect the core competitiveness of enterprises. In the first half of the year, Foton's tractor sales increased by 47.1%, far exceeding the industry average of 1.7%. Sinotruk, Shaanxi Automobile, and Dongfeng achieved a slight increase, while FAW declined by 12.2% year-on-year, becoming the only company with negative growth among the top five. If the tractor market cannot stop falling and rebound, FAW's industry position may face challenges.

In the first half of 2025, the competition pattern of the heavy truck market accelerated differentiation, and the future winner will focus on the dual dimensions of "electrification + market segments" - Foton has become a stage winner with high growth in total volume, tractors and new energy, but it is necessary to be vigilant about its pace gap with Dongfeng in the field of new energy; Dongfeng currently has a leading advantage in the new energy market. If it can achieve a transformation to scale, it may reshape the industry pattern; although FAW has performed well in the new energy track, it is dragged down by the decline in the tractor market and faces severe transformation pressure; Sinotruk and Shaanxi Automobile have slow growth, and urgently need to find breakthroughs in electrification and market segments to avoid marginalization risks. As the industry enters a new stage of "stock competition + electrification upgrade", the competition among the top five heavy-duty truck brands has upgraded from scale expansion to a three-dimensional contest of technology, market segments and ecological integration. In the second half of 2025, whether each brand can consolidate its advantages while making up for its shortcomings may directly determine the market structure in the next decade.

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