Toyota, Hyundai, and Kia are having a successful business year in Vietnam market with sales exceeding their competitors.

By the end of September 2022, sales of car manufacturers under the Vietnam Automobile Manufacturers Association (VAMA) were 296,403 vehicles, an increase of 56% compared to the same period in 2021. In the same period, Hyundai Thanh Cong informed that it has handed over 56,320 cars to customers while VinFast sold 18,052 cars (VinFast’s sales were only up to August because the company did not publish sales data in September).

Excluding some luxury car brands, Volkswagen or Nissan did not announce sales, the Vietnamese auto market has consumed more than 352,700 vehicles in the past 9 months. With this sales momentum, the market has the potential to hit the sales milestone of 500,000 vehicles as some forecast at the beginning of the year – the year with the highest sales ever.

Brand sales at the end of Sep 2022

3 car brands accounted for 54% market share

Among the car manufacturers doing business in Vietnam, Toyota and Hyundai are always considered the two big leaders in the market, often creating a two-horse race in terms of sales. However, in 2022, Kia rises to the role of a “challenger” with an impressive product range, suitable for Vietnamese consumers along with extremely impressive sales.

Market share at the end of Sep 2022

Specifically, after the first 9 months of the year, Toyota sold 64,130 vehicles, Hyundai sold 56,320 vehicles, and Kia promptly achieved sales of 47,792 vehicles, reaching a market share of 20.48%, 17.98% and 15.26% respectively. In total, these three brands account for 53.72% of the total automobile market share in the domestic market, which means that 1 out of every 2 cars sold carries the Toyota, Hyundai, or Kia logo.

For Toyota, 2022 is the year the company confirms its dominant position in the market when two main models, Vios and Corolla Cross, are in the top 3 best-selling cars. The company also promptly added the MPV Veloz Cross model as soon as Innova showed signs of weakness in the competition with Mitsubishi Xpander. In the D-segment sedan segment, Toyota Camry is also the top choice in the market.

In the product range of this company, only Corolla Altis has partly failed to meet expectations. In the pickup segment, Hilux has also left the game and has not scheduled a return date.

Meanwhile, Hyundai also shows an almost absolute strength in the D-segment crossover segment with Santa Fe. The Tucson also had extremely good sales in the C-segment crossover segment, despite a prolonged shortage of components. Accent also competes strongly in the B-segment sedan segment with Toyota Vios while the Creta is rising strongly in the urban SUV segment.

The company has also just launched the Hyundai Elantra with the cheapest starting price in the segment and is about to bring back the MPV Stargazer model in the next few days. Although it is difficult to compete with Toyota for the number one position in the market, Hyundai seems to be firmly building its second position.

For Kia, the brand assembled and distributed by Thaco has had a very good start in the first half of 2022 but has shown signs of slowing down in recent months, partly due to a shortage of components.

Kia does not have top sales products like Toyota or Hyundai but is considered to own a very strong product portfolio with Kia K3 leading the C-segment sedan segment, Seltos and Sonet competing strongly in the urban SUV segment. town. Along with that, models like Carnival, Sportage, Morning, K5 all have certain contributions to the company’s overall sales picture.

Pursuit group

This group includes 3 Japanese brands, Mitsubishi, Mazda and Honda with market shares of 9.67%, 8.48% and 8.03% respectively.

For Mitsubishi, being in the 4th position in the market with sales of more than 30,000 vehicles can be considered a success when the company owns a small product range. Out of more than 30,000 cars sold in the past 9 months, the MPV Xpander accounted for more than half with more than 16,000 vehicles, the Attrage B-class sedan more than 5,600 cars and the Outlander more than 3,600 cars.

Mazda, meanwhile, doesn’t impress too much in this period. The company does not have top-selling racing products but is still very strong in the C-segment sedan segment with Mazda3 and C-class crossover with CX-5.

As for Honda, it is almost entirely dependent on sales from CR-V and City, while the two new models launched this year, the Civic and HR-V, have unimpressive sales.

VinFast and others

The announcement to stop selling petrol cars from July partly affects VinFast’s business activities. The proof is that the company has stopped publishing business results in September and in the coming time, it is possible that this report will only include electric car models such as VF e34 and VF8.

In the past 8 months, the Vietnamese automaker has also sold more than 18,000 cars, accounting for about 5.76% of the market share. In the upcoming transition period, it is possible that VinFast’s market share will continue to shrink until its product range is expanded and the shortage of components is resolved.

Behind VinFast is Ford with 15,518 vehicles sold, accounting for about 4.95% market share, Suzuki with more than 12,000 vehicles (3.87% market share), Peugeot with more than 8,800 vehicles (2.82% market share) and Isuzu with more than 8,400 vehicles (2.69% market share).

Source: autopro.com.vn