China National Heavy Duty Truck Annual Production Expected to Break Through 100,000 Units
As of July this year, China National Heavy Duty Truck (CNHTC) has produced and sold 61,838 heavy-duty vehicles, marking a significant 73.4% year-on-year increase. This performance has already surpassed the total from the previous year, with expectations that annual production and sales will exceed 100,000 units. This growth positions CNHTC as one of the top manufacturers in the global heavy truck industry.
By the end of July, CNHTC reported strong financial results: 63,258 engines were produced, up 76.2% compared to the same period last year. Sales revenue reached 20.678 billion yuan, an increase of 61.9%, while profits and taxes rose to 1.677 billion yuan, reflecting a staggering 101.3% growth. Additionally, exports brought in 1.947 billion U.S. dollars, up 47% year-on-year.
CNHTC has focused on a high-quality, low-cost strategy to build its core competitiveness. This approach has helped it gain a dominant position in a highly competitive market and become the most profitable company in China’s heavy truck sector. In 2023, the company achieved a major milestone, with annual production and sales exceeding 60,000 units—a 15.5 times increase compared to the early days of restructuring.
Looking back, the company faced significant challenges before reform. At the time of reorganization, its debt stood at 12.967 billion yuan, with a debt-to-asset ratio of 138.49% and a loss of 8.3 billion yuan. However, over the years, the company has made remarkable progress. In 2006, sales revenue was 21.97 billion yuan, and profit tax reached 1.786 billion yuan. The domestic market share for heavy trucks increased from below 5% to 20%, and CNHTC achieved several national firsts, including dump trucks, cement mixers, fire engines, and heavy-duty vehicles over 14 tons.
Export volumes also saw a dramatic rise, growing from zero to 6,296 units in 2006, generating $213 million in foreign exchange. By 2024, the company expects to export over 15,000 units, earning approximately $300 million.
CNHTC's journey from financial distress to industry leadership highlights its resilience and strategic vision. With continued growth and innovation, the company is well-positioned to maintain its dominance in the global heavy truck market.
The company will take "quality first, reputation first" as its eternal theme, adhere to the development of science and technology, continuously develop new products, and resolutely maintain a good after-sales service system. The company's service tenet: quality first, customer first. We are willing to work together with our customers to create a grand blueprint.
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