Since the beginning of this year, the sedan market has seen a continuous decline in sales, with most dealers struggling to maintain profitability. In contrast, commercial vehicle sales have shown a steady upward trend, highlighting the distinct dynamics between these two segments. Light truck sales, in particular, have been on the rise, with major dealers in Shenzhen reporting strong performance. According to several top light truck dealers in Shenzhen, sales of commercial vehicles continued their growth from the second half of last year and reached new heights in the first half of 2024. Li Hongbo, General Manager of Shenzhen Atkin Automobile Trading Co., Ltd., noted that Qingling light trucks experienced significant sales growth from January to May, with an average increase of over 20% compared to the same period last year. June sales remained stable compared to the previous year. Li explained that commercial vehicles cater to a different customer base than passenger cars, leading to unique market characteristics. Typically, the commercial vehicle market sees higher sales from August to April, while the off-peak season runs from mid-May to mid-August. The first half of this year followed this pattern closely. Guo Shangguang, Marketing Manager at Shenzhen Jiangling Motors Trading Co., shared that the company achieved a historic milestone in February by selling 7,000 units in a single month. Sales of Jiangling light trucks rose by more than 20% in the first half of the year compared to the same period last year, with June marking a peak. The launch of the Jiangling Kaiyun model in May directly contributed to the surge in June sales. This joint venture model, developed with Isuzu's advanced technology and tailored for the Chinese market, represents a significant step forward in Jiangling’s product development strategy. Other brands, such as Olympic Bell, Era, and JAC, also saw improved sales in the first half of the year. Mid-to-high-end commercial vehicles are particularly popular, as evidenced by the Shenzhen Hengxin Ford Transit 4S Sales Service Center, which achieved record sales in the first half of 2024. With an average monthly sale of over 50 units, the center exceeded its annual target within six months. According to Duan Weixiang, General Manager of Shenzhen Hengxin, three key factors contributed to the success: the introduction of the Transit Express logistics vehicle, which introduced a new concept in urban logistics; the opening of the 4S store, which enhanced brand visibility and sales; and innovative sales strategies that shifted the dealer’s business model. Additionally, Quanshun Automotive’s focus on foreign-funded enterprises has led to strong customer loyalty. Hengxin has established a dedicated service team to provide enterprise car solutions and maintain relationships with long-term clients. This approach has strengthened user trust in the Transcend brand and Hengxin’s services. On the low-end side, the scenery Haishi diesel models have gained popularity due to their fuel efficiency, resulting in solid sales performance. Meanwhile, Ruifeng, another high-end commercial vehicle brand, also performed well, with one Shenzhen dealer selling 101 units in June. Looking ahead, Duan Weixiang is optimistic about the second half of the year. With logistics recognized as one of Shenzhen’s four major economic pillars, the demand for light trucks is expected to grow. Urban restrictions and environmental policies will likely drive the adoption of new types of logistics vehicles. Additionally, the new emission standards starting on July 1 will push the market toward cleaner, qualified vehicles. Li Hongbo from Shenzhen Atkin Automobile Trading Co. believes that government investigations into large-tonnage small-scale targets may impact manufacturers, but the extent depends on the investigation’s intensity. If it's only a transitional phase, the effect should be minimal. He added that, for top brands, the second half of the year could bring reduced pressure and more market opportunities.

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