In 2024, demand for electric heavy-duty trucks surged, with cumulative sales doubling in the first nine months, making it the hottest segment in the heavy-duty truck market. However, the booming demand has not continued to bring benefits, as electric heavy-duty trucks have quickly become embroiled in fierce price competition. Dealers in multiple regions report a significant drop in electric heavy-duty truck prices this year, with prices per vehicle decreasing by as much as 200,000 yuan within six months.

The price war in the electric heavy-duty truck market ignited in 2023 and has intensified throughout 2024. A Shaanxi Auto dealer told Find Auto that the price of Shaanxi Auto’s flagship electric heavy-duty truck, the Delong M3000E tractor equipped with a 282 kWh battery, has now dropped below 400,000 yuan per vehicle. Just a year ago, this model was priced above 600,000 yuan, marking a dramatic, cliff-like decline in price this year.

It’s not just Shaanxi Auto; dealers for FAW Jiefang, Sinotruk, and others also report a steep “price dive” for electric heavy-duty trucks this year. “Currently, models with a 280 kWh battery are generally priced around 400,000 yuan, down at least 30% year-on-year. High-capacity models with a 420 kWh battery have dropped from around 700,000 yuan last year to the 450,000–500,000 yuan range.”

According to a dealer, pricing in the electric heavy-duty truck market has become highly transparent. A 550-horsepower bare vehicle (excluding the battery) costs around 210,000 yuan, while the battery is priced at 600 yuan per kWh. “For example, an electric tractor with a 280 kWh battery has a battery cost of 168,000 yuan. Combined with the bare vehicle price, the total vehicle price is only 378,000 yuan.”

Customers have also felt the “dramatic price plunge” in electric heavy-duty trucks. A manager at a Chongqing-based transportation company told Find Auto that the first 440 kWh electric tractor they purchased around September last year was priced close to 850,000 yuan. However, when they bought two more 400 kWh electric tractors of the same brand this April, the price per vehicle had already dropped to 650,000 yuan.

In this price war, the decrease in battery costs has been a critical factor. Many dealers reveal that battery costs account for around 40% of the total vehicle cost (previously over half), and the drop in battery prices has directly driven down overall vehicle prices. A few years ago, the price per kilowatt-hour of battery power was as high as 1,200 yuan, but it has now fallen to around 600 yuan.