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The report from VAMA and TC Group indicates that the overall market sales in May have declined, primarily due to challenging economic conditions. In the affordable urban car segment, the market continues to show a downward trend.
In May, the total sales of Kia Morning and Hyundai Grand i10 reached 527 units, a decrease of 46 units compared to April, representing a drop of almost 15%.
The dull competition
Hyundai Grand i10 used to struggle to claim the top position in the A-segment when VinFast Fadil was still available for sale. However, since the Vietnamese brand’s model ceased distribution, Hyundai Grand i10 quickly secured the top spot without facing any challenges from its competitors.
In May, the sales of Grand i10 reached 407 units, down by 87 units compared to April. Direct competitor Kia Morning also experienced a decline in sales, with only 120 units sold in May.
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In the first 5 months of this year, TC Group has delivered 3,146 units of Hyundai Grand i10, while Thaco has only sold 723 units of Kia Morning. The appeal of the Grand i10 mainly stems from its wide range of variant choices. Additionally, it is the only model in Vietnam that offers both hatchback and sedan variants.
With a difference of more than 2,400 units in less than half a year, Kia Morning will find it difficult to catch up with Hyundai Grand i10 in the battle for the best-selling A-segment car in 2023.
More options are on the horizon
Toyota Vietnam has recently reintroduced the Wigo to the market. Despite the improvements, many people remain skeptical about the success of this Indonesian imported model. Historically, the Wigo has consistently ranked at the bottom of the sales chart in the A-segment.
In the near future, the small urban car segment will witness the arrival of mini electric cars, with the Wuling Hongguang Mini being the first product to enter the Vietnamese market. In February, TMT Motors confirmed their plans to assemble and officially distribute this Chinese electric car model.
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VinFast has also recently unveiled the first details about the VF 3, a mini electric car model. According to the plan, customers can place orders for the VF 3 starting in September of this year and expect to receive the car in Q3 of 2024.
The introduction of more electric car models is expected to breathe new life into the currently stagnant A-segment car market. While electric cars cannot completely replace gasoline cars, mini electric cars still have the capability to meet the needs of customers who require a daily commuting vehicle as well as those who travel within a range of under 200 km per charge.
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