Characteristics of the new energy special vehicle market in the first half of 2024: actual sales reached a record high of 225,500 units, an increase of 113%, with Yuancheng, Ruichi, and Dongfeng ranking in the top 3.

　　Characteristics of the New Energy Special Vehicle Market in the first half of 2024: 225,500 units sold, a 113% increase, setting a new record high; Remote, Ruichi, and Dongfeng ranked in the top 3

　　According to data from the China Automobile Dealers Association, in the first half of 2024, the cumulative sales of new energy special vehicles in China reached 225,500 units, a year-on-year increase of 113%, setting a new record high for the same period. This demonstrates the strong development momentum of the new energy special vehicle market this year.

　　So, what are the main characteristics of China's new energy special vehicle market in the first half of 2024?

　　Characteristic 1: Cumulative sales exceeded 200,000 units for the first time, setting a new record high for the same period

　　Based on terminal registration data, statistics on the sales and year-on-year growth of new energy special vehicles in China over the past 7 years:

　　The chart shows that in the first half of 2024, the cumulative sales of new energy special vehicles in China reached 225,500 units, the highest for the same period in the past 7 years. This is also the first year in recent years that sales have exceeded 200,000 units in the first half of the year, with year-on-year growth of 113%, ranking third in the past 7 years. Since the cumulative sales of new energy special vehicles in China in the first half of the year before 2018 were always relatively low, it can be concluded that the sales of new energy special vehicles in the first half of this year have set a new record high for the same period. This indicates that the new energy special vehicle market in the first half of this year was the most active ever for the same period.

　　The analysis attributes this mainly to the following aspects:

　　First, it benefits from the continuous increase in national policies.

　　In the first half of this year, the state has intensively introduced policies to support the development of new energy logistics vehicles.

　　For example, on March 5 this year, Premier Li Keqiang delivered a government work report to the Second Session of the Fourteenth National People's Congress. The government work report outlines ten tasks for this year, many of which involve transportation, including implementing measures to reduce logistics transportation costs, deepening integrated transportation, consolidating and expanding the leading advantages of intelligent connected new energy vehicles and other industries, boosting consumption of intelligent connected new energy vehicles, electronic products and other bulk commodities, focusing on supporting technological innovation, new infrastructure, energy conservation and emission reduction, deeply implementing the rural construction action, strengthening the construction of charging piles, cold chain logistics, and delivery and distribution facilities, vigorously developing a green and low-carbon economy, and promoting the green transformation of industrial structure, energy structure, transportation structure, and urban and rural construction development, etc.

　　In addition, the increase in the replacement and renewal policies introduced by the state in the first half of this year has also effectively promoted the increase in sales of new energy special vehicles in the first half of this year.

　　Second, it benefits from the implementation of the blue license plate regulations, which has driven the rapid growth of new energy logistics vehicles, especially new energy light trucks and large vans, in the first half of this year.

　　Characteristic 2: New energy logistics vehicles lead the new energy special vehicle market, but their dominant position has decreased year-on-year

　　According to terminal registration data, in the first half of 2024, the cumulative sales of new energy logistics vehicles reached 193,000 units, a year-on-year increase of 110%, outperforming the year-on-year growth rate of the new energy special vehicle market (113%) by nearly 3 percentage points. In the first half of 2024, new energy logistics vehicles accounted for 85.6% of the new energy special vehicle market, a year-on-year decrease of 1 percentage point. This shows that the dominant position of new energy logistics vehicles in the new energy special vehicle market has decreased year-on-year.

　　The analysis attributes this mainly to the significant year-on-year increase in new energy heavy-duty trucks in the new energy special vehicle market in the first half of 2024 (year-on-year increase of 141%), outperforming the year-on-year growth rate of the new energy special vehicle market in the first half of 2024 (113%) by nearly 28 percentage points, thus driving faster growth in the new energy special vehicle market in the first half of 2024. The rapid growth of the new energy heavy-duty truck market is also driven by the even faster growth (189%) of new energy tractors in the first half of 2024.

　　Characteristic 3: The status of new energy trucks has increased year-on-year, while the status of new energy vans has weakened

　　Screenshot 1, Cumulative sales of various new energy logistics vehicles in the first half of 2024 (Data source: Publicly available terminal registration information)

　　1. Cumulative sales of various segments of new energy special vehicles in the first half of 2024:

　　According to Screenshot 1 and terminal registration data, the sales of various types of new energy special vehicles in the first half of 2024 are:

　　2. Cumulative share of various segments of new energy special vehicles in the first half of 2024:

　　3. Share of various segments of new energy vehicles in the first half of 2024 and year-on-year changes in share:

　　The chart shows the sales structure characteristics of new energy special vehicles in the first half of 2024, categorized by vehicle type:

　　1. The cumulative share of pure electric van logistics vehicles (including microvans, medium vans, and large vans, hereinafter the same) is 52.2%, maintaining a dominant position, but the year-on-year share has decreased by 8.5 percentage points. This shows that pure electric van logistics vehicles occupy a dominant position in the new energy special vehicle market; however, this dominant position has shown a significant weakening trend (mainly due to the significant decline in new energy medium vans. Terminal registration data shows that the year-on-year share of new energy medium van logistics vehicles has decreased by 8.6 percentage points in the first half of this year.

　　2. New energy truck special vehicles account for 47.8% of the new energy special vehicle market, occupying a subordinate position; among them, new energy light trucks (including small trucks) account for 24.6%, ranking first; new energy heavy trucks account for 12.3%, ranking second; pure electric micro trucks account for 7.2%, ranking third; new energy pickup trucks account for 2.14%, ranking fourth; MINI trucks account for 1.5%, ranking fifth; new energy medium trucks account for 0.084%, ranking sixth;

　　3. The cumulative share of new energy trucks in the first half of 2024 (47.8%) increased by 8.5 percentage points year-on-year (in the first half of 2023, new energy trucks accounted for 39.3% of new energy special vehicles), indicating that the year-on-year share of new energy trucks in the new energy special vehicle market has significantly increased in the first half of this year, and their status has significantly strengthened.

　　It is worth noting that among the 8.5% increase in the share of new energy trucks in the first half of this year, new energy light trucks (including small trucks) alone contributed 9.04 percentage points, making them the largest contributing vehicle segment.

　　Characteristic 4: Hybrid vehicles lead the growth; the dominant position of pure electric vehicles has strengthened

　　Table 1, Year-on-year growth, share, and comparison with the share in 2022 of various technical routes of new energy special vehicles in the first half of 2024 (Data source: Terminal registration):

　　The table shows:

　　---In the year-on-year growth of various technical routes of new energy special vehicles in the first half of 2024, the cumulative sales of hybrid vehicles increased by 158% year-on-year, outperforming the year-on-year growth rate of the new energy special vehicle market (113%) by nearly 45 percentage points and leading the market;

　　---In the share of various technical routes of new energy special vehicles in the first half of 2024, pure electric vehicles still occupy an absolute dominant position (97.54%); followed by plug-in hybrid vehicles (1.49%); and the smallest is fuel cell vehicles (0.97%);

　　---Compared with the share in the first half of 2023, the largest increase in share in the first half of 2024 is pure electric vehicles (increased by 0.74 percentage points), and the largest decrease is fuel cell vehicles (-1%).

　　In short, in the new energy special vehicle market of various technical routes in the first half of 2024, hybrid vehicles lead the growth, pure electric vehicles lead the market and their year-on-year share and dominant position have strengthened.

　　Feature 5: Remote, Ruichi, and Dongfeng rank among the top three in the first half of the year

　　According to terminal registration data, the ranking of new energy special vehicle sales in the first half of 2024 (only companies with cumulative sales of over 10,000 vehicles are included):

　　The above figure shows:

　　1. Among the top 6 new energy special vehicle manufacturers with sales exceeding 10,000 units in the first half of 2024:

　　---Remote New Energy Commercial Vehicles had cumulative sales of 38,573 units, ranking first with a 7.3% market share;

　　---Chongqing Ruichi New Energy Automobile had cumulative sales of 16,391 units, ranking second with an 11.4% market share;

　　---Dongfeng Motor had cumulative sales of 14,136 units, ranking third with a 6.3% market share;

　　It is foreseeable that with the continuous efforts of the "dual carbon" strategy and the strong support of favorable policies from various regions, the Chinese new energy special vehicle market may usher in greater development opportunities in the second half of 2024.