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Emissions escalation drives price rises Light-duty card market shuffles again
The light truck market is currently experiencing a widespread downturn, with only a few brands managing to escape the trend. While some high-end manufacturers like Jiangling have seen a slight increase in sales compared to the same period last year, second- and third-tier brands are struggling significantly. Some of these brands saw a sales drop of as much as 50% in March, with certain models selling fewer than 10 units during the month. This has led to a highly polarized market, where top-tier brands are performing well while others face severe challenges.
Industry experts point to three main factors behind this situation. First, the overall economic environment plays a role, with tight monetary policies and rising fuel and steel prices affecting demand. Second, brand quality and product line breadth are key. For example, some brands have limited State III product offerings, making it difficult to compete. In Shenzhen, some brands even lack State III vehicles entirely, leading to declining sales. Third, the cost of upgrading to State III technology has caused significant price hikes, prompting some customers to stick with older models or purchase non-State III vehicles from other regions, further hurting sales for certain brands.
Jiangling, however, managed to see a modest 6% increase in sales in March compared to the previous year, boosting its market share. This success is attributed to its loyal customer base, quick transition to State III products, and effective marketing campaigns such as the "High-End Light-Bulb Popularity Storm." Its high-quality, low-cost Shunda Europe III models have been particularly popular. In Guangzhou and Shenzhen, Jiangling's market share increased by 3% and 2%, respectively, with a 24.5% share in Shenzhen.
JAC also made progress, with its Shuai Ling II models helping it jump into the high-end segment. Sales grew by about 10% in March. However, due to delivery delays, some models were still in the booking phase, and the Shenzhen market even experienced a temporary "price-free" period. Meanwhile, Foton and Liberation light trucks have raised prices by 2,000 to 5,000 yuan to offset rising steel costs. These increases have squeezed already thin profit margins, forcing dealers to make tough choices between maintaining profits and retaining market share.
Dongfeng and Yuejin are accelerating their efforts to expand their State III product lines. Dongfeng launched a new generation of National III-compliant light trucks in April, aiming to reverse its declining market position. Yuejin, now under the Nanjing Iveco system, recently introduced its first model and plans to launch more Euro III-compliant vehicles in May, enhancing its competitiveness against top brands like Qingling and Jiangling.
In contrast, the used light truck market is booming. With many new models now priced above 80,000 yuan, lower-income buyers are turning to the second-hand market, where older vehicles still sell at similar prices to last year. This shift has created a surge in demand for pre-owned light trucks.
Finally, there are growing concerns about fake State III models appearing in the market. Some dealers are using Euro II engines but labeling them as Euro III to save costs, which poses serious risks for buyers. Experts advise checking for common rail systems, engine numbers, and written guarantees. Prices that seem too good to be true may indicate counterfeit products. Consumers are urged to be cautious and verify the authenticity of any State III vehicle before purchasing.