Kia Morning, Hyundai Grand i10 losing steam

Kia Morning only sold 124 cars in April. Photo: Vinh Phuc.

According to statistics from the Vietnam Automobile Manufacturers Association (VAMA), the sales volume of the small and cheap car group in April only reached 618 cars, a decrease of 26% compared to the previous month. This number is even lower than the number of cars sold in March by Hyundai Grand i10.

Compared to the same period last year (2,014 cars), the sales volume of the entire segment has decreased by nearly 70%. It can be seen that with strong competition from the A+/B- SUV segment and the comeback of sedans, the A segment cars have almost lost the entire market share, making it difficult to regain the glory of two years ago.

Hyundai Grand i10 sells less than 500 cars

In April, Hyundai Grand i10 sold 494 cars, a decrease of 26% compared to the previous month. Compared to the same period last year (1,227 cars), the sales of this model plummeted by 60% despite being applied with many incentives.

This is also the first month this year that the number of Grand i10 cars sold on the market is less than 500. However, the Hyundai A segment car still dominates the entire segment compared to its only competitor, the Kia Morning.

With continuously declining sales volume month by month, it is highly likely that by the end of the second quarter, the sales volume of this model will not be able to carry the segment in the face of competition from the A segment SUV group or the upcoming micro cars in the market.

Unlike new cars, the secondary market is where Hyundai Grand i10 creates strong competition. According to the Q1 statistics of “Chợ Tốt Xe”, the 2021 and 2022 Hyundai Grand i10 models are among the models with the highest price increase in the secondary market.

Specifically, the 2021 Hyundai Grand i10 is priced at about 337 million VND in Q1/2022, now it has increased to over 397 million VND, equivalent to a growth rate of about 18%.

The sales of Hyundai Grand i10 are plummeting in the new car market. Photo: TC Group.

In April, this A segment car was also applied with promotions to stimulate demand. When contacting Hyundai dealers in Ho Chi Minh City, the advisors said that customers buying Grand i10 in May will receive 100% support for registration fees and free car body insurance.

Hyundai Grand i10 is currently distributed in Vietnam with 2 hatchback and sedan variants, and 6 versions with listed prices ranging from 360-455 million VND.

Kia Morning fades, Toyota Wigo has not made an impression

In March, Kia Morning recorded a positive signal with a slight increase of 5 cars compared to the previous month. However, in the first month of the second quarter, the sluggish market quickly affected the sales volume of this A segment car, which reached only 124 cars, equivalent to a 27% decrease.

Compared to the same period last year, the sales volume of this small Kia car decreased by 84.2%. In the first 4 months of this year, Thaco delivered only 603 Kia Morning cars, accounting for 18% of the total sales volume of the entire segment.

Similar to Hyundai Grand i10, Kia Morning also attracts its own group of customers in the secondary market thanks to its competitive price.

According to oto.com.vn, Kia Morning is currently the third most increased price used car on the market. Specifically, the 2009 model is now sold at an average price of VND 209 million, only 39% lower than the price of a new car, despite having been in use for over 10 years.

Kia Morning is also assembled in Vietnam and distributed with a total of 5 versions, with listed prices ranging from 389 million to 454 million VND.

The comeback of Toyota Wigo is predicted to not save the entire segment. Photo: Kebayoran Lama.

Toyota Wigo has also set a return date to the market this year as many dealers continue to accept deposits. However, with the expected price of around 380 million VND, about 30 million VND higher than the predecessor version, Toyota Wigo is likely to struggle to make a turnaround as the entire segment is already experiencing a sharp decline due to market trends.

Before withdrawing from the market due to not meeting the Euro 5 emission standards, Toyota Wigo was actually struggling in the sales race with Hyundai Grand i10 and Kia Morning. Last year, the sales volume of this A segment car dropped to 0 from around June, and it could only end 2022 with a consumption of 488 cars in the Vietnamese market.

Upcoming Small Electric Cars

This year, the Vietnamese car market is expected to welcome the presence of a new segment, small electric cars with the Wuling Hongguang Mini EV from TMT Motors. Sharing with the press, TMT Motors said that the launch date and start of accepting orders for the Wuling Hongguang Mini EV are planned for the second quarter. The selling price has not been disclosed yet.

The Wuling Hongguang Mini EV is scheduled to be launched in the second quarter of this year. Photo: TMT Motors.

Additionally, on May 17, VinFast also announced its plan to produce a mini electric car. Therefore, the small electric car segment will have more options and officially compete with other segments in the Vietnamese market from the middle of this year.

With the advantage of price as well as its size suitable for the geographical characteristics of narrow alleys in urban areas, the mini electric car segment is predicted to create strong pressure on the A segment cars that are currently boring due to a lack of options and not being significantly cheaper compared to SUV models like the Toyota Raize or Kia Sonet.

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