Zhītōng Cáijīng APP learned that the first commercial vehicle issued a statement stating that in June 2024, China's diesel engine sales were 0.4016 million units, a MoM decrease of 1.18%, and YoY growth of 2.12%; January-June, cumulative diesel engine sales were 2.6229 million units, down 2.08% YoY, narrowing compared to the 2.8% decline from January-May. The commercial vehicle market's multi-cylinder diesel engine market performance, which is closely related to the commercial vehicle market, is still unsatisfactory as its sales have fallen both MoM and YoY: In June 2024, sales of commercial vehicle multi-cylinder diesel engines were 0.1523 million units, down 4.74% MoM and down 7.67% YoY. Accumulated sales for 1H were 1.0483 million units, an increase of 4.26% YoY. Compared with January-May's 6.6% growth, the growth rate has declined by more than 2 percentage points.

In June 2024, China's internal combustion engine industry achieved a MoM increase in sales and a slight YoY increase; cumulative sales for 1H also achieved YoY growth, but it slowed down from the growth rate in January-May.

According to data from the China Internal Combustion Engine Industry Association, China's internal combustion engine sales in June 2024 were 3.931 million units, a MoM increase of 6.23% and YoY increase of 1.74%. Cumulative sales for 1H were 22.5329 million units, an increase of 4.36% YoY (a decrease of 0.55 percentage points compared to January-May). The performance of the internal combustion engine market was relatively stable in June, achieving both MoM and YoY growth, but the growth rate was not high, and the YoY growth rate of cumulative sales continued to decline.

The commercial vehicle multi-cylinder diesel engine market, which is closely related to the commercial vehicle market, is still unsatisfactory as its sales have fallen both MoM and YoY: In June 2024, sales of commercial vehicle multi-cylinder diesel engines were 0.1523 million units, down 4.74% MoM and down 7.67% YoY. Accumulated sales for 1H were 1.0483 million units, an increase of 4.26% YoY. Compared with January-May's 6.6% growth, the growth rate has declined by more than 2 percentage points.

Diesel engine: sales of 2.6229 million units for January-June, down 2% YoY.

In June 2024, China's diesel engine sales were 0.4016 million units, a MoM decrease of 1.18%, and YoY growth of 2.12%; cumulative diesel engine sales for January-June were 2.6229 million units, down 2.08% YoY and a narrowing compared to the 2.8% decline from January-May.

Multi-cylinder diesel engine: sales of 2.1388 million units for January-June, down 0.87% YoY.

In June, China's commercial vehicle production and sales respectively completed 0.33 million and 337,000 units, with production increasing 2.8% MoM but sales declining 1.2% MoM and 3.5% and 4.9% YoY respectively. From January-June, cumulative production and sales of commercial vehicles were 2.005 million and 2.068 million units, up 2% and 4.9% YoY respectively. The multi-cylinder diesel engine market sales trend fluctuated similarly, as sales declined both MoM and YoY, and the decline in cumulative sales continues to expand.

In June 2024, China sold a total of 0.3111 million multi-cylinder diesel engines, down 4.01% MoM and 1.97% YoY. Cumulative sales for January-June were 2.1388 million units, a YoY decline of 0.87%. The top 10 companies in terms of sales volume in the first half of the year were: Weichai Power (000338.SZ), Yuchai, Kunming Yunnei Power (000903.SZ), Anhui Quanchai Power, Jiangling Motors Corporation (000550.SZ), Xin Chai Shares (301032.SZ), Dongfeng Cummins, Liberation Power, Foton Cummins, and Shanghai Xindongli, with minor changes in ranking compared to the previous month. The top ten accounted for 77.18% of the total sales of multi-cylinder diesel engines, with a slight increase compared to the previous month.

Looking at the June monthly situation, most of the top ten companies did not achieve MoM growth. In June, Weichai was still ranked first with sales of 0.0579 million units, followed by Yuchai with sales of 0.0386 million units. The third spot was taken by Yunnei Power with sales of 0.0312 million units, achieving the highest MoM growth rate among the top ten companies at 21.71%. In June, Yunnei Power signed a contract with Foton Motor to become its 'core strategic supplier,' attracting industry attention. Jiangling Motors Corporation was ranked fourth with sales of 0.0258 million units, and Anhui Quanchai Power was ranked fifth with sales of 0.0214 million units, a MoM increase of 4.27%. In June, Anhui Quanchai began to exert force in overseas markets and held an office and parts service center listing ceremony in Hanoi, Vietnam, laying the foundation for full-scale development of the Vietnamese market. The top five companies are the only companies with June sales exceeding 0.02 million units. Next, let's take a look at the cumulative sales for the first half of the year.

Sales and proportion of multi-cylinder diesel engines in January-June 2024 are shown in the table above.

The cumulative sales data in the table above show that Weichai's leading advantage is still obvious from January-June 2024, with cumulative sales of multi-cylinder diesel engines at 0.398 million units, stable in the first position, achieving YoY growth of 12.29%, taking 18.61% of market share, an increase of 2.18% compared to the same period last year. This is the company with the most obvious growth in market share among the top ten. The second place is still held by Yuchai, with cumulative sales of 0.2451 million units, achieving YoY growth of 13.72%, with a market share of 11.46%, which is an increase of 1.47% YoY. The third spot is held by Yunnei with cumulative sales of 0.1919 million units, achieving a YoY growth of 1.63%, with a market share of 8.79%, an increase of 0.22% YoY. Quanchai's cumulative sales were 0.166 million units, taking 7.76% of the market share. Jiangling Motors Corporation's cumulative sales were 0.1559 million units, achieving YoY growth of 6.12% and a market share of 7.29%, an increase of 0.48% YoY.

In June, Dongfeng Cummins achieved a rise in ranking, with a cumulative sales volume of 0.1018 million units from January to June this year, a year-on-year increase of 3.48%, and a market share of 4.76%, an increase of 0.2% from the same period last year. It ranks seventh in the industry and rose one place from last month. Product sales breakdown shows that 100-300 billion yuan products operating income are 401/1288/60 million yuan respectively.

Commercial vehicles using multi-cylinder diesel engines: 1.0483 million units sold from January to June, a year-on-year increase of 4.26%.

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Looking at the monthly data for June, only one of the top ten companies achieved a month-on-month increase. Weichai, ranked first, had a sales volume of 0.0328 million units in June; second-place was Jiangling Motors, with a sales volume of 0.0258 million units; the third place was Yunnei Power, with a sales volume of 0.017 million units, achieving a month-on-month increase of 21.45%; fourth-place was Yuchai, with a sales volume of 0.0137 million units, and fifth-place was Foton Cummins, with a sales volume of 0.0115 million units. These five companies are the only ones with sales volumes of over 10,000 units in June. Let's take a look at the sales performance of each company overall.

Sales volume and proportion of multi-cylinder diesel engines used in commercial vehicles from January to June 2024.

The cumulative sales data in the table above shows that in January to June 2024, Weichai still sits at the top with a cumulative sales volume of multi-cylinder diesel engines for commercial vehicles reaching 0.2309 million units, becoming the first company to exceed 0.2 million unit sales and achieving a year-on-year growth of 15.76%. Its market share is 22.03%, an increase of 2.19% from the same period last year. Jiangling Motors ranks second with a cumulative sales volume of 0.1559 million units, achieving a year-on-year increase of 6.11%, with a market share of 14.87%, an increase of 0.26% from last year. Third place is still held by Yunnei Power, which has the fastest growth rate, with a cumulative sales volume of 0.1065 million units, a year-on-year growth of 46.71%, and a market share of 10.16%, an increase of 2.94% from last year. With its excellent performance, Yunnei achieved double-digit market share and cumulative sales of over 0.1 million units in the first half of this year. Fourth place goes to Yuchai, which has a cumulative sales volume of 0.0946 million units, achieving a year-on-year growth of 28.47%, and a market share of 9.02%, an increase of 1.7% from last year. Fifth place is taken by Foton Cummins, with a cumulative sales volume of 0.0837 million units and a 7.98% market share.

Jianghuai Automobile Group Corp., Ltd. ranked seventh with a cumulative sales volume of 0.054 million units of multi-cylinder diesel engines used in commercial vehicles from January to June, achieving a year-on-year growth of 20.66%, and a market share of 5.15%, an increase of 0.7% from the same period last year. Ou KANG Power rose to ninth place for the first time, with a cumulative sales volume of 0.0506 million units and a market share of 4.83%.