BEIJING: Major new energy vehicle (NEV) companies are increasingly targeting heavy-duty trucks, a segment poised to become a key growth engine in China’s commercial vehicle market. CATL CEO Zeng Yuqun predicts explosive growth in the heavy truck...
BEIJING: Major new energy vehicle (NEV) companies are increasingly targeting heavy-duty trucks, a segment poised to become a key growth engine in China’s commercial vehicle market. CATL CEO Zeng Yuqun predicts explosive growth in the heavy truck sector, with NEVs expected to dominate, comprising over 50% of the market within three years, driven by the push for zero-carbon goals and lower logistics costs. Industry analysts highlight that falling lithium battery prices and China’s “trade-in” policy are enhancing the cost-effectiveness of electric heavy-duty trucks, signaling a period of rapid expansion. Traditional manufacturers like Sinotruk and FAW are transitioning to electric and hybrid powertrains, while Yutong Bus, BYD, XCMG, and Zoomlion are also entering the NEV heavy truck market. BYD offers a range of electric trucks, including tractors, dump trucks, and mixers, tailored for long-haul logistics and urban construction. FAW Jiefang is also ramping up its development of new energy trucks.
