Toyota Vietnam’s sales plummet as Vios remains the best-selling but still falls behind Hyundai Accent

On February 21, 2024, Toyota Vietnam announced its total sales figures for the previous month of January. In January 2024, Vietnamese people purchased a total of 2,208 Toyota vehicles, a decrease of 75.6% compared to December 2023. Among these, 1,143 vehicles were assembled domestically and 1,065 vehicles were fully imported.

Meanwhile, the Lexus brand sold 136 luxury vehicles to Vietnamese customers. If we include Lexus vehicles, Toyota Vietnam achieved a total sales figure of 2,344 vehicles in January 2024. The accumulated total sales figure since the introduction of the Lexus brand in Vietnam reached 12,412 vehicles.

The best-selling model of the Toyota brand in the first month of 2024 was the Vios with a sales figure of 653 vehicles. However, the Toyota Vios continues to lag behind its competitor, the Hyundai Accent (916 vehicles). Additionally, compared to December 2023, the sales of Toyota Vios decreased by 78.3%.

The second best-selling model of the Toyota brand in Vietnam in January 2024 was the Yaris Cross. This model achieved a sales figure of 334 vehicles, a decrease of 78.5% compared to December 2023. January 2024 was also the time when Toyota Yaris Cross applied new prices, reduced to 650 million VND for the petrol version and 765 million VND for the hybrid version. It seems that the adjusted prices haven’t been able to help this model maintain its performance during the low season of the Vietnamese automotive market.

The third position in the Toyota family in terms of sales figures belongs to the Raize with 263 vehicles, a decrease of 15.7%. Similarly to the Yaris Cross, Toyota Raize also had its listed price adjusted to 498 million VND, the cheapest in the A segment SUV market in Vietnam at the moment.

The remaining models of the Toyota brand mostly experienced decreased sales figures in January 2024, such as the Veloz Cross (253 vehicles), Avanza Premio (127 vehicles), Corolla Cross (171 vehicles), Camry (103 vehicles), Innova (62 vehicles), Wigo (84 vehicles), and Fortuner (63 vehicles).

Table of Toyota and Lexus vehicle sales in January 2024 (unit: vehicles)

Toyota is certainly not the only brand to experience a significant decrease in sales figures in January 2024. The Hyundai brand also faced a similar situation with a 67% decrease compared to December 2023. Additionally, in January 2024, no Hyundai model achieved a sales figure above 1,000 vehicles.

The decline in sales figures for automotive brands in January 2024 was not unexpected. January 2024 marked the end of the government’s 50% discount on registration fees policy. Furthermore, this period was close to the Vietnamese Lunar New Year, and consumers tend to limit their spending during this time.