Looking back at the Vietnamese automobile market in the first months of 2024

According to the VAMA report, the domestic car market recorded a positive but somewhat slower development compared to the same period in 2023.

With 5 popular passenger car brands, THACO continues to be the car manufacturer with the most domestic car sales in the first quarter of 2024. According to records, KIA has the best sales in the “complex” THACO, sold 6,279 vehicles in the first quarter of 2024, with the best-selling model being Sonet. For its part, Mazda has delivered 5,677 cars to customers in the past 3 months, with the CX-5 continuing to play a leading role in sales.

In the high-end car group, the duo BMW and MINI sold a total of 372 cars, while Peugeot sold 622 cars. Thus, in the passenger car segment alone, THACO has sold 12,950 cars, ranking first in the market. The group’s commercial vehicle segment (THACO Truck) also sold 2,988 vehicles in the same period, enough to lead strong competitors in the same field such as TC Motor (2,204 vehicles).

For its part, TC Motor owns both Hyundai and Skoda, but the Czech car brand has not recorded significant sales. Instead, Hyundai cars still take on the “heavy responsibility”, with 7,973 passenger cars delivered to domestic consumers. This Korean brand is also expected to explode in the coming months, when a number of new car models are about to be launched.

Meanwhile, Ford Vietnam and Toyota Vietnam compete fiercely for third place. The American car company delivered 8,021 vehicles in the first 3 months of the year, while Toyota Vietnam delivered 7,321 vehicles in the same period. Also according to experts, the sales rankings of automobile manufacturing enterprises will have many changes in the near future, in the context that recent times have witnessed some units restructuring their supply sources. The move left many product models unavailable to meet consumer demand.

A good example is the Toyota Corolla Cross. After a “tightening” February with only 24 cars sold, March saw this environmentally friendly crossover reach 231 cars delivered to customers, nearly 10 times higher. In May, Corolla Cross also began delivering the new 2024 generation, with some interior and exterior changes, promising higher sales.

Similarly, TC Motor on April 17 also launched the new multi-purpose vehicle (MPV) Stargazer X, priced from 559 million VND. Like the “Cross” product construction of many rival MPV models, the X variant is developed based on the standard Stargazer but innovated in a cross-country, sporty direction. This car model is expected to “resolve” the zero sales that Stargazer recorded in the past month.

Domestic used car market

Research firm SSI Research predicts that passenger car sales growth in 2024 will reach about 9% over the same period. In addition, statistics from the used car trading website oto.com.vn show that in 2023, the number of searches for used cars bottomed out in July with nearly 5.7 million, then continuously increased. to more than 6 million visits in August, more than 7 million visits in November and nearly 8 million visits in December.

Covering the top used cars that were most contacted to buy last year are models in the price range of 200-500 million VND such as Toyota Vios, Toyota Innova, Kia Morning, Hyundai Grand i10, Mazda3 or Chevrolet Spark. This partly shows that used car buyers have become more pragmatic, less interested in luxury and expensive cars, and instead prefer cars with simple designs, durability, and great reliability. and low usage costs.

Thanks to this mentality of tightening spending, used cars are gradually regaining their footing, when many people no longer “try a little extra” to break new car boxes even though prices are strongly reduced. On the other hand, the economic downturn also causes many people to postpone their car replacement plans. Data from a used car floor shows that in the previous period, Vietnamese people used a car model on average for 3.7 – 4.5 years and would change cars. In the last 6 months, this number has increased to more than 5 years. Consumers are slower to upgrade, so the supply of used cars, even if improved, is not enough to meet current purchasing power.

Having said that, the demand for cars in Vietnam is still very large and it can be expected that the car market will be vibrant again in the near future. Two fields that are considered to have a direct impact on car purchasing power, stocks and real estate, are also showing signs of thawing and improving.

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