Recent advances in video generation techniques have given rise to an emerging paradigm of generative video coding for Ultra-Low Bitrate (ULB) scenarios by leveraging powerful generative priors. However, most existing methods are limited by domain specificity (e.g., facial or human videos) or excessive dependence on high-level text guidance, which tend to inadequately capture fine-grained motion details, leading to unrealistic or incoherent reconstructions. To address these challenges, we propose $\textbf{T}$rajectory-Guided $\textbf{G}$enerative $\textbf{V}$ideo $\textbf{C}$oding (dubbed T-GVC), a novel framework that bridges low-level motion tracking with high-level semantic understanding. T-GVC features a semantic-aware sparse motion sampling pipeline that extracts pixel-wise motion as sparse trajectory points based on their semantic importance, significantly reducing the bitrate while preserving critical temporal semantic information. In addition, by integrating trajectory-aligned loss constraints into diffusion processes, we introduce a training-free guidance mechanism in latent space to ensure physically plausible motion patterns without sacrificing the inherent capabilities of generative models. Experimental results demonstrate that T-GVC outperforms both traditional and neural video codecs under ULB conditions. Furthermore, additional experiments confirm that our framework achieves more precise motion control than existing text-guided methods, paving the way for a novel direction of generative video coding guided by geometric motion modeling. Codes and visual results can be found in the supplementary materials.