(Yicai) Nov. 29 -- The share of natural-gas-powered heavy trucks in the Chinese market will rise further next year, potentially to more than 50 percent, according to a forecast by Foton Motor.

This year’s strong sales of natural-gas-fueled trucks is mainly down to the widening difference in price between crude oil and natural gas, the Beijing-based commercial vehicle maker said yesterday.

Natural gas is about CNY2.50 (35 US cents) cheaper per liter than diesel in China, and the gap is expected to remain at CNY1 to CNY2 at least until the first half of next year.

In the first 10 months of 2023, the penetration rate of natural gas heavy trucks reached 41 percent, and the rate for tractors using the fuel was close to 50 percent.

Driven by natural gas vehicles and exports, nearly 790,000 heavy trucks were sold from January to last month, and next year’s sales are expected to reach as high as 1.15 million. Domestic sales may hit 800,000 to 850,000, a 15 percent to 20 percent jump.

China’s truck exports are expected to be about 280,000 to 300,000 next year, up 12 percent to 15 percent from a year earlier, benefiting from the growth of infrastructure and logistics demand in countries in the Belt and Road Initiative and the economic recovery in Southeast Asia.

Foton Motor sold 76,860 heavy trucks in the first 10 months of 2023, up 29 percent and giving it a market share of about 10 percent, according to data from the China Association of Automobile Manufacturers. Its sales of natural-gas-fueled heavy trucks reached 14,500, with a market share of 11.6 percent.

Editor: Tom Litting