Sinotruk's revenue and profit defy weak trade

Wang Zhijian, chairman of China National Heavy Duty Truck Group, introduces the company's achievements in 2024 and targets for 2025 at the Sinotruk Partner Conference 2025 on Sunday. [Photo/China Daily]

China National Heavy Duty Truck Group, or Sinotruk, one of the country's major heavy-duty truck manufacturers, said despite sluggish domestic industrial performance and weakening international market, the company achieved growth in its total sales revenue and profit.

"In 2024, Sinotruk's total revenue is expected to exceed 194 billion yuan ($26.75 billion), a year-on-year increase of more than 10 percent; total profit and tax are expected to reach 12 billion yuan, a year-on-year increase of more than 15 percent; total vehicle sales are expected to be 370,000 units, a year-on-year growth of more than 10 percent," Wang Zhijian, chairman of the company, said.

Wang was speaking at the Sinotruk Partner Conference 2025, which took place in Jinan, Shandong province, on Sunday. "In 2024, Sinotruk achieved outstanding results through hard work and industrial strength," Wang said.

Over the past year, amid market pressure, Sinotruk has made an in-depth exploration of user demands and created excellent products with keen market insights, Wang said.

Sinotruk is expected to sell 105,000 heavy-duty trucks in 2024, with market share exceeding 20.2 percent, an increase of 2 percentage points year-on-year. It is also expected to sell 95,000 light-duty trucks in 2024, with market share exceeding 18.5 percent, an increase of 2.5 percentage points year-on-year.

In terms of green and low-carbon initiatives, it is estimated that the sales of new energy heavy-duty trucks will reach 8,600 units in 2024, a 280 percent year-on-year increase. Meanwhile, its market share in midrange and short-haul tractors, urban construction dump trucks and urban sanitation vehicles has increased rapidly.

In terms of technological innovation, Sinotruk invested an estimated 3.1 billion yuan in research and development in 2024, an 8 percent year-on-year increase. It has achieved a series of innovative results, for example, a new generation of medium and heavy-duty truck models with a total of 307 patented technologies.

In addition, Sinotruk is increasing its efforts in the development of new energy vehicles. These include pure electric, hydrogen fuel and hybrid vehicles, aiming for comprehensive coverage of new energy technologies.

Sinotruk has been investing heavily to advance product upgrades in low energy consumption, lightweight design and optimized shifting, in a bid to provide new choices for users.

To showcase the company's achievements in various aspects, the annual meeting set up multiple exhibition areas on-site. It covered long-haul transport, coal transport, express delivery, green channels, cold chain, light vehicles and new energy, encompassing a full range of products from traditional internal combustion engine power to clean energy and new energy.

It also launched a new generation heavy-duty truck, which is compatible with six major energy sources: fuel, gas, hybrid, pure electricity, methanol and hydrogen. Traditional energy product solutions, covering categories such as tractors, cargo trucks, construction vehicles and light-duty trucks were also among the release highlights.

Data show that in 2023, the volume of used commercial vehicle transactions exceeded new vehicles for the first time. In 2024, the volume of used vehicle transactions was 1.2 times that of new vehicles.

In response to this, Sinotruk took the initiative to establish a used car certification system for the industry. It formulated strict standards for used car inspection and certification, and addressed the shortcomings in the current domestic used commercial vehicle market. These include weak professional capabilities in testing and evaluation, high replacement costs, and inaccurate matching of vehicle sources with user needs.

Furthermore, in terms of service system construction, Sinotruk insists on being user-centered. It continuously improves service networks and processes, enhances service quality and efficiency, and provides users with more convenient and efficient service experiences through digitization and intelligent means.