CIMC Vehicles has achieved revenue of 21 billion CNY (€2.67 billion) for 2024, reported at its annual results conference held on 26 March 2025.
The China-based OEM demonstrated a positive and steady business performance, reporting an operating net profit of 1.35 billion CNY (€171.7 million) with its three major business segments, including Electric Tractors and Trailers, achieving growth.
According to the 2024 annual report data, in 2024, CIMC Vehicles’ gross profit margin reached 16.3 per cent, cash reserves amounted to 5.8 billion CNY (€738 million) and net cash generated from operating activities reached 2.19 billion CNY (€370 million), a year-on-year increase of 22.4 per cent.
In 2024, CIMC Vehicles took an entrepreneurial drive to reshape its three major businesses: global semi-trailers, EV·DTB truck bodies, and pure electric tractors and trailers. As a result, it sold a total of 101,700 semi-trailers through its production centres and manufacturing plants in China, North America and Europe.
Another highlight for CIMC Vehicles was its top ranking among global semi-trailer manufacturers in the Global Trailer 2024 Global OEM Ranking List, for the 12th consecutive year.
The company also supplied 25,000 EV·DTB truck body products to China’s new energy heavy truck manufacturers and leading fuel/gas-powered heavy truck manufacturers. For the first time, it also introduced pure electric tractors and trailers to the market, with primary practical applications in port transportation and concrete logistics.
With the global semi-trailers business achieving revenue of 14.95 billion CNY (€1.9 billion) in 2024, CIMC Vehicles vigorously implemented its Star-Chained and Big Leap Plans to establish a footing in the semi-trailer market.
As a result, the domestic semi-trailer market saw an overall sales increase of 12 per cent year-on-year, with a market share reaching 14.04 per cent, ranking first in China for the sixth consecutive years.
Revenue from the star-chained semi-trailer business saw a 16.8 per cent year-on-year revenue growth, with sales volume increasing by 20.9 per cent against the trend, and the gross profit margin rising to 14.4 per cent.
Capacity utilisation reached its highest level in five years, resulting in a 30 per cent boost in production efficiency and a substantial 23 per cent growth in per capita output value.
At the same time, the company launched its Big Leap Plan initiative, successfully achieving the first-phase construction targets, while drafting and releasing the enterprise standards for edible oil tank vehicles for road transportation, enhancing safeguards for domestic edible oil safety.
In 2024, CIMC Vehicles achieved performance breakthroughs in Southeast Asia, the Middle East, and Africa, with sales operations extensively covering a total of 50 nations and regions. This saw its 2024 revenue increasing by 6.0 per cent and gross profit margin leaping 5.8 percentage points.
In the European and Australian markets, CIMC’s semi-trailer businesses outperformed market expectations. In Europe, it systematically implemented supply chain localisation, lifting gross margins by 2.4 percentage points despite challenging conditions.
Australia operations focused on product quality and detailing, achieving record-breaking profitability. Also its market share in Australia, according to the OEM, has maintained a top-six ranking in the industry for two consecutive years
For the semi-trailer business in North America, CIMC is actively enhancing the North American governance structure and further strengthening supply chain resilience.
CIMC Vehicles’ EV-DTB business delivered a total revenue of 3.03 billion CNY (€386 million and contributed a gross profit of 150 million CNY (€19 million), representing an increase in gross profit of 70 million CNY (€8.9 million) as compared to 2023.
Over the past two years, the company has made a comprehensive push for the business model of ‘Excellent Tractors with Excellent Trailers’. With annual models as the hold, it carried out yearly iterations on the truck body design, better integrating the sub-frame with the heavy truck underframe to significantly reduce the weight.
In 2024, CIMC Vehicles was transitioning the business focus from the complete mixer truck business to the EV-DTB business of mixer trucks, launching a unified design of EV-DTB mixer trucks for pure electric heavy truck-tractors chassis. With unified order handling, centralised procurement, standardised production processes, and delivery from two sites, it was able to realise its ‘Excellent Tractors with Excellent Trailers’ business model.
Other notable achievements for CIMC Vehicles have included its close cooperation with strategic automotive manufacturers to establish a technology innovation platform for pure electric tractor and trailer (EV-RT), including its self-developed J-RT1.0 pure electric tractor-trailer mixer truck that has achieved an energy consumption reduction of up to 37.7 per cent.
CIMC Vehicles will seek to actively develop its global semi-trailer business, reshape the global supply chain for semi-trailers, establish a parallel and independent governance structure for the North American semi-trailer business and transform its business model for new energy heavy truck-tractors chassis manufacturers.
The company’s overall approach in 2025 is to double its profit contributions year-on-year, as well as expand its global reach, including its pursuit of pure-electric integrated tractor-trailer products.
