Jinwu Financial News | Summary: Citigroup Research provides the latest updates on China's electric heavy truck (E-HDT) market. The report shows that E-HDT deliveries increased 4.6% month-on-month to 8,250 vehicles in October, an increase of 138.1% year-on-year. Sales in the first 10 months of this year reached 56,800 units, an increase of 142.6% over the previous year. XCMG's market share in October increased 3.6 percentage points month-on-month to 19.1%, while the market shares of SANY (SANY) and FAW-Jiefang (FAW-Jiefang) declined by 4.6 and 0.3 percentage points, respectively.
Core views:
E-HDT deliveries increased 4.6% month-on-month and 138.1% year-on-year in October.
2. E-HDT sales increased 142.6% year-on-year in the first 10 months of this year.
3. Xugong Machinery (XCMG)'s market share increased 3.6 percentage points month-on-month to 19.1%.
4. Sany Heavy Industries (SANY) and FAW-Jiefang (FAW-Jiefang) market shares declined by 4.6 and 0.3 percentage points, respectively.
5. By energy type, BEV-HDT sales increased 1.2% month-on-month in October, while FCEV/HEV-HDT increased 78.2% and 200% month-on-month.
6. In the first 10 months of this year, BEV-HDT sales increased by 151.2% year on year, HEV by 72.3%, and FCEV by 61.5%.
7. The number of E-HDT battery installations is expected to increase by 159.8% year-on-year and 4.6% month-on-month in October.
8. E-HDT battery installations increased 164.6% year-on-year in the first 10 months of this year.
E-HDT battery costs increased 0.4% month-on-month in September to 0.0841 million yuan per vehicle, down 27.9% year-on-year.
