Jan–Oct CV Sales Top 3.66 Million; Exports and NEV Up About 40%(Nov 13)

November 13, 2026

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Highlights at a glance

October's commercial vehicle (CV) market faced mixed outcomes. Total CV sales reached 3.66 million from January–October, with exports driving strong growth at nearly 40%, aided by robust demand for new energy vehicles (NEVs). While domestic sales of traditional trucks declined due to weak freight demand and higher costs of gas-powered models, NEVs and buses posted significant gains. The bus segment achieved sharp double-digit year-on-year growth, and NEV exports surged 1.4 times. The broader automotive market reflects a “cold domestic, hot export” pattern, underscoring growing overseas demand for Chinese vehicles. Entering the fourth quarter, year-end delivery periods are expected to boost activity further.

Jan–Oct CV Sales Top 3.66 Million; Exports and NEV Up About 40%

The October commercial vehicle market cooled, falling both month on month and year on year, with an underwhelming "Silver October." According to the latest CAAM data, the October auto market split into a "cold domestic, hot export" pattern: overall output and sales rose from the previous month but were still slightly down year on year. The CV segment was weak, with output and sales both falling and domestic terminal demand staying soft; exports, however, stayed strong with high growth, NEV commercial vehicles kept high prosperity, and the bus segment posted sharp year-on-year growth. By contrast, gas-powered models shrank sharply on higher costs, and structural divergence became more pronounced.

October: Heavy Trucks 89,000; Buses Up on Both Measures

In October, CV output and sales reached 350,000 and 354,000 units, down 3.7% and 3.9% month on month and 3.7% and 1.8% year on year. Gas-powered CV sales were 8,000 units, down 9.7% month on month and 69.8% year on year.

October domestic CV sales reached 216,000 units, down 8.3% month on month and 19.1% year on year. Domestic truck sales were 175,000, down 10.3% month on month and 23.5% year on year; domestic bus sales were 40,000, up 1.1% month on month and 7.4% year on year. CV exports were 139,000 units, up 3.8% month on month and 47.1% year on year; truck exports 120,000, up 1.3% month on month and 45.6% year on year; bus exports 19,000, up 22.7% month on month and 57.9% year on year.

By model, in October trucks were produced and sold at 288,000 and 295,000 units, down 6.5% and 5.9% month on month and 8.4% and 5.2% year on year. Heavy truck sales were 89,000, down 9.4% month on month and 15.8% year on year; medium trucks 10,000, down 6.9% month on month and 22.9% year on year; light trucks 170,000, down 5.1% month on month and up 5.1% year on year; micro trucks 26,000, up 2.7% month on month and down 15.7% year on year.

In October buses were produced and sold at 62,000 and 59,000 units, up 12% and 7.1% month on month and 26% and 19.6% year on year. Large and medium buses sold 9,000, down 14.6% month on month and 19.5% year on year; light buses sold 51,000, up 12% month on month and 30.6% year on year.

In the NEV market, October NEV output and sales reached 2.017 million and 1.940 million units, up 11.2% and 6.4% month on month and 13.8% and 13.1% year on year; NEV new-car sales accounted for 64.3% of total new-car sales. Among main NEV types, fuel-cell vehicle output grew at a double-digit rate while sales fell sharply, and the other two NEV categories grew to varying degrees; year on year, BEV output and sales posted double-digit growth while the other two categories fell.

October NEV domestic sales were 1.334 million units, up 6.5% month on month and down 8.6% year on year. NEV passenger domestic sales were 1.222 million, up 7% month on month and down 11.3% year on year; NEV CV domestic sales 112,000, up 2.1% month on month and 36% year on year. NEV exports were 606,000 units, up 6.2% month on month and 1.4 times year on year; NEV passenger exports 591,000, up 6.4% month on month and 1.4 times year on year; NEV CV exports 15,000, down 0.6% month on month and up 1.3 times year on year.

Jan–Oct: Exports and NEV Both Up About 40%

Cumulative CV sales kept positive growth in the first ten months. In January–October, CV output and sales totaled 3.629 million and 3.663 million units, up 5% and 5.3% year on year; gas-powered CV sales were 172,000, down 16.8% year on year.

In January–October, domestic CV sales were 2.486 million, down 5.7%; domestic truck sales 2.141 million, down 6.9%; domestic bus sales 345,000, up 2.8%. CV exports were 1.177 million, up 39.7%; truck exports 1.03 million, up 42.7%; bus exports 147,000, up 21.8%.

Among main CV types, bus and truck output and sales both grew modestly year on year. In January–October, truck output and sales reached 3.135 million and 3.171 million units, up 4.4% and 4.9% year on year. Heavy truck sales were 1.019 million, up 9.7%; medium trucks 112,000, up 11.5%; light trucks 1.709 million, up 4%; micro trucks 330,000, down 5%.

In January–October, bus output and sales reached 494,000 and 493,000 units, up 8.8% and 7.8% year on year. Large and medium buses sold 91,000, down 2.7%; light buses 401,000, up 10.5%.

In January–October, cumulative NEV output and sales reached 14.509 million and 14.411 million units, up 11.5% and 11.3% year on year; NEV new-car sales accounted for 54.8% of the total. BEV output and sales grew more than 10%; PHEV output rose slightly while sales slipped slightly; fuel-cell vehicles fell markedly.

In January–October, NEV domestic sales were 9.799 million, down 10.3%; NEV passenger domestic sales 8.889 million, down 13.5%; NEV CV domestic sales 910,000, up 40.4%. NEV exports were 4.612 million, up 1.3 times; passenger exports 4.504 million, up 1.3 times; CV exports 108,000, up 53.5%.

In January–October, the top ten automaker groups sold 22.261 million units, accounting for 84.7% of total auto sales; among them, Geely Holding and Chery Holding grew to varying degrees while the others declined.

The October CV market fell short of Silver October expectations. Weak domestic freight demand dragged traditional truck sales, and gas-powered models shrank on energy costs; however, high export growth, continued NEV penetration and a bus recovery underpinned growth. Entering the fourth-quarter year-end delivery period, the full-year close is worth watching as overseas deliveries concentrate and domestic year-end restocking demand releases.

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