Which MPV do Vietnamese people choose when many cars are deeply discounted but still difficult to sell?

In November, the entire Vietnamese market consumed a total of 26,439 cars of all kinds. The report from the Vietnam Automobile Manufacturers Association (VAMA) also shows that market demand has increased by 13% compared to October but is still about 15% lower than the same period last year.

Among them, the affordable MPV segment has gradually heated up in the last month of the year after a long period of applying a series of incentives and promotions to stimulate customer demand. In November, the entire affordable MPV segment sold 3,842 vehicles, a 25% increase compared to the previous month. However, not all models have seen positive results.

Ertiga hybrid reduced by over 100 million VND, XL7 now costs only 532 million VND

At the beginning of December, Suzuki Ertiga Hybrid and XL7 were updated by many dealerships with large price reductions to stimulate the market. In which, the first hybrid MPV model to arrive in Vietnam was reduced by dealerships from 80 million to 100 million VND. Particularly, a dealership in the North is even willing to offer additional discounts to customers, increasing the level of incentives up to over 130 million VND.

This is not the first time this MPV model has applied promotions, however, this is one of the deepest discounts since its launch. At some dealerships, the price of the Suzuki Ertiga Hybrid manual version is only 454 million VND, and the automatic version is only 478 million VND.

Sales of the Suzuki Ertiga Hybrid have not improved despite deep discounts. Photo: Vinh Phuc.

Suzuki XL7 is also heavily discounted from nearly 600 million VND to only 532.9 million VND for the 2023 model year. When contacting a Suzuki dealership in Ho Chi Minh City, a salesperson even said they are willing to provide further discounts to customers if they agree to buy the 2022 VIN number of XL7 this month.

“The Suzuki XL7 VIN 2023 is currently reduced to 532.9 million VND, with an additional package of genuine accessories added to the one-year body insurance. But if customers place a deposit and complete payment in December, or purchase a VIN 2022 car, we can provide additional support, the price can be reduced by about 10-15 million VND,” the salesperson added.

However, despite the most “huge” promotion program in the segment, the Suzuki Ertiga Hybrid and XL7 still have not truly achieved a certain increase in sales. Compared to October, the number of Ertiga Hybrids sold on the market only reached 120 units, an increase of 2 units compared to the previous month. Suzuki XL7 also only increased by 6.3%, from 143 units to 152 units in November.

Veloz Cross and Xpander accelerate, extreme price reductions for the year-end

In addition to the 2 Suzuki MPV models, the Toyota Veloz Cross continues to apply a series of preferential programs to boost year-end sales. Specifically, the model is listed at a price of 658 million VND by the manufacturer.

In December, Toyota also applies additional support programs of 50% registration fee in addition to the 50% incentive from the Government. In addition, customers who order Veloz Cross also receive a gold insurance package from Toyota and an additional discount of 5-10 million VND depending on each dealership.

It can be said that Toyota’s promotional programs for this MPV model have truly had an effect as of the end of November, the sales of Veloz Cross reached 1,116 units, an increase of 186% compared to the previous month (390 units). This is the highest growth rate in the entire segment, bringing Veloz Cross to the second position in the sales rankings in November, only behind the “MPV king” Mitsubishi Xpander.

In December, the Mitsubishi Xpander, the king of service vehicles, is also heavily discounted in preparation for the final stage of the fourth quarter’s sales race this year. Specifically, in December, customers who buy the MT version of Xpander will be supported with 50% registration fee worth 28 million VND, complimentary reverse camera worth 2.5 million VND, and one-year physical insurance worth 7 million VND.

Xpander continues to maintain its position as king. Photo: Vinh Phuc.

Additionally, buyers of the AT version will be supported up to 100% registration fee worth 59.8 million VND and one-year physical insurance worth 8 million VND. The AT Premium version also applies a program of 100% registration fee support worth 65.8 million VND, a 360-degree panoramic camera worth 20 million VND, and one-year physical insurance worth 9 million VND. The highest total value of incentives is up to 94.8 million VND.

With its “hot” status and continuously updated promotional programs, it is not difficult to understand why this MPV model always leads the sales race in the segment and is among the best-selling models in the Vietnamese market. At the end of November, the Mitsubishi Xpander sold 1,316 units, an increase of over 3% compared to the previous month (1,277 units).

Hyundai Stargazer and Kia Carens reduce prices, sales also decline

Unlike the remaining models in the same segment, Hyundai Stargazer and Kia Carens, although they also apply discount programs, have not shown any signs of growth in November. In fact, the sales of these 2 MPV models have declined compared to the previous month.

Hyundai Stargazer still cannot achieve a turnaround despite deep discounts. Photo: Boi Ha.

Hyundai Stargazer has been applying a series of large discount programs since the beginning of the third quarter to clear out remaining inventory. Specifically, the standard version of this MPV model is priced at 454 million VND at dealerships, reduced by 121 million VND.

The highest-end version is also discounted by over 125 million VND, bringing the price of the car down to 548 million VND. Moreover, some dealerships are even willing to offer additional discounts of nearly ten million VND, increasing the level of the discount to over 130 million VND for the high-end IVT version.

Kia Carens continues to enjoy a 50% registration fee support policy from the brand. The price of this MPV model ranges from 629 to 764 million VND depending on the version.

Although heavily discounted, Hyundai Stargazer ended a not-so-positive month near the end of the year with sales reaching only 355 units, down over 28% compared to October (495 units).

Kia Carens also suffered a decline in sales, with only 337 units sold in November, nearly 15% lower than the previous month. However, compared to slow-selling competitors such as the Suzuki XL7 or the Ertiga Hybrid, the sales of the Stargazer are still higher by nearly triple.

The last month of the year will continue to be an intense sales race in the affordable MPV segment. With excess supply and prices decreasing rapidly, this is a good opportunity for users to choose the right car model for themselves.