CATL Projects 50% of Heavy Truck Sales to Be New Energy Vehicles by 2028

China's CATL, the world's largest battery manufacturer, anticipates rapid electrification in the heavy truck market.

According to Yonhap News on September 5, Wu Kai, chief scientist at CATL, projected during the World Power Battery Conference that by 2028, new energy vehicles (NEVs) will account for 50% of heavy truck sales.

Wu analyzed that, similar to passenger cars, the transition to NEVs in trucks will accelerate once the adoption rate surpasses a certain threshold. He noted that the penetration rate of NEVs in heavy trucks reached 10% in 2024, indicating that the market has entered a significant growth phase.

In fact, sales of new energy heavy trucks in China are increasing rapidly. According to the China Commercial Vehicle Network, from January to July this year, sales of new energy heavy trucks, excluding exports, reached 166,500 units, a 74% increase compared to the same period last year. The penetration rate stood at 35.3%, peaking at 47.3% in July, marking a record high.

Government support has also played a crucial role in expanding the market. In May, 11 ministries, including the Ministry of Transport, announced policies to promote the adoption of new energy heavy trucks. The goal is to achieve a 40% penetration rate and increase the number of such vehicles to 1.6 million by 2030.

CATL maintains its position as the leading supplier in China's commercial vehicle battery market. From January to July this year, the battery capacity for commercial vehicles reached 46.2 GWh, accounting for 43.4% of the total market. Heavy trucks are one of the key areas where CATL is expanding its battery business.