At 10:00 AM, 50 China National Heavy Duty Truck Group (hereinafter referred to as Sinotruk) trucks, adorned with festive decorations, led by the Shandeka C7H, successfully exited the Jinan Comprehensive Bonded Zone. This milestone signifies Sinotruk’s breakthrough of exporting over 14,000 trucks in a single month, once again setting a new record for domestic heavy-duty truck companies and establishing a new benchmark in China’s heavy truck export industry.
In the recently concluded 2023, Sinotruk achieved remarkable growth: annual revenue reached 173.1 billion yuan, an increase of 44% compared to 2022; total profits amounted to 7.5 billion yuan, up 191%; industrial added value was 19.1 billion yuan, an increase of 42%. The total sales of complete vehicles and machines were 335,000 units, a year-on-year increase of 36%, maintaining the top spot in China’s heavy-duty truck sales for two consecutive years. Particularly noteworthy was Sinotruk’s performance in overseas markets, exporting 130,000 heavy trucks in 2023, a year-on-year increase of 47%, and achieving export revenue of 42.9 billion yuan, up 55%, setting a historical record and capturing half of China’s heavy-duty truck export market, thus becoming the world’s top-selling single brand of heavy trucks.
In the first two months of this year, Sinotruk’s heavy truck exports reached new heights again, with 13,000 and 14,000 units exported in January and February respectively, continually breaking the domestic single-month heavy truck export records previously set by itself.
While many domestic heavy-duty truck companies are still focusing on exporting low-end models, Sinotruk has been increasing its investment in research and development, establishing a comprehensive “forward development” process, and maintaining its leading position in product and technology. In 2023, Sinotruk’s export sales of high-end products exceeded 41,000 units, a year-on-year increase of over 300%, solidifying its status as the undisputed leader of Chinese commercial vehicles in overseas markets and the pioneer in entering mid-to-high-end international markets, setting the stage for direct competition with top global brands.
The breakthrough in Sinotruk’s international market efforts is attributed to the series of reforms and innovative measures implemented since the restructuring with Shandong Heavy Industry Group five years ago. Reforms in three key systems, separation of primary and auxiliary operations, marketing system reforms, independent forward development, and a global commercial vehicle lineup have significantly enhanced Sinotruk’s product competitiveness and increased its resilience against market cycles. As of now, Sinotruk has developed approximately 300 dealer networks in over 90 countries and established nearly 600 service and parts centers in more than 110 countries.
In the first two months of this year, Shandong Heavy Industry Group’s export revenue reached 15.4 billion yuan, an increase of 27%. Its subsidiaries, including Sinotruk, Shaanxi Heavy Duty Truck, Weichai Group, Shantui Construction Machinery, and Zhongtong Bus, all achieved historic breakthroughs in product exports. Notably, Zhongtong Bus exports increased by 201%, excavator exports by 87%, and agricultural equipment exports by 47%. The group’s overseas export business is flourishing, with a significant acceleration in the internationalization process.