In September 2025, China's pickup truck market sold 46,000 units, marking a 2% year-on-year decline but a 15% month-on-month increase, maintaining a mid-to-high level over the past five years. From January to September 2025, total pickup sales reached 432,000 units, up 11.2% YoY.

Great Wall Motor (02333) continues to dominate the pickup segment with stable performance both domestically and internationally. Supported by sustained export growth, other strong performers include Great Wall Motor, SAIC Maxus, Zhengzhou Nissan, Chongqing Changan Automobile (000625.SZ), and Anhui Jianghuai Automobile (600418.SH). In the domestic retail market, Great Wall Motor, Jiangling Motors (000550.SZ), Zhengzhou Nissan, and Jiangxi Isuzu lead, maintaining the "one leader, three strong competitors" landscape.

**Regional Demand**: Southwest and Northwest China remain core markets, accounting for 44.4% of total demand in September. However, the growth of new energy pickups has slowed, lagging behind logistics-focused electric vehicles.

**Exports**: In 2024, China exported 244,000 pickups, surging 85% YoY. By September 2025, exports hit 26,000 units (+3% YoY, +22% MoM), with cumulative exports reaching 228,000 units (+28% YoY). Exports now represent 53% of total sales, making pickups a standout in commercial vehicle exports.

**New Energy Pickups**: September saw 4,000 new energy pickups sold (+104% YoY, +31% MoM), with cumulative sales hitting 54,000 units (+440% YoY), outperforming traditional fuel models. Key contributors include Geely’s Radar EV (1,593 units), BYD (01211) pickups (1,593 units), Changan’s extended-range models (793 units), and Zhengzhou Nissan (404 units).

**Market Trends**: 1. **Historical Performance**: Post-Chinese New Year (February–March) typically sees higher sales, while April–September trends downward. Pickups, as work vehicles, peak during spring construction and project cycles. 2. **Regional Shifts**: Smaller cities and rural areas drive demand, though electrification is boosting urban uptake. Shenzhen and other restricted-license cities show strong new energy pickup sales. 3. **Competitive Landscape**: Great Wall Motor holds nearly 50% domestic share, while SAIC Maxus and Jiangling Motors excel in exports. Emerging players like BYD and Changan are gaining traction.

**Outlook**: Despite challenges like a sluggish property sector, pickup demand is buoyed by exports and electrification. Aging rural populations and returning migrant workers are revitalizing smaller markets, while product innovation (e.g., Great Wall’s "King Kong Cannon") and new energy models are reshaping the industry.