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Tuesday, 01 September 2020 _Zhejiang Geely Holding Group as well as General Motors Co’s (GM.N) Chinese venture are planning to launch their first pickup truck models, intensifying competition in a segment dominated by Great Wall Motor (601633.SS).
Geely showed off its first pickup truck model last week at a company event publicised on social media, while official documents showed a joint venture of carmakers including GM seeking approval to build its first pickup truck model.
The companies are trying to tap into the niche market, which still accounts for less than 2% of overall vehicle sales in China, but that has outperformed as local governments ease restrictions on their entry into urban areas.
China sold around 251,000 pickup trucks in the first seven months of 2020, according to the China Association of Automobile Manufacturers (CAAM). That represented a 1.4% fall from the same period last year, but was more modest than the 12.7% slump in overall vehicle sales over that period.
Documents on the website of China’s Ministry of Industry and Information Technology showed a joint venture between GM, state-owned SAIC Motor (600104.SS) and Guangxi Automobile Group seeking government approval to build its first pickup truck model Zhengtu.
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