In January 2024, the Vietnamese car market experienced a sharp decline in sales due to the approaching Lunar New Year. Even popular segments like MPVs couldn’t escape the slump.
| No. | Car Model | January 2024 | December 2023 | Percentage Change | 2023 Accumulated Sales |
| 1 | Mitsubishi Xpander | 1,285 | 2,809 | -54.2% | 1,285 |
| 2 | Suzuki XL7 | 450 | 195 | +130.7% | 450 |
| 3 | Suzuki Ertiga Hybrid | 427 | 292 | +46.2% | 427 |
| 4 | Kia Carnival | 339 | 574 | -40.9% | 339 |
| 5 | Honda BR-V | 328 | 706 | -53.5% | 328 |
| 6 | Kia Carens | 304 | 441 | -31% | 304 |
| 7 | Toyota Veloz Cross | 253 | 1,670 | -84.5% | 253 |
| 8 | Hyundai Custin | 244 | 809 | -69.8% | 244 |
| 9 | Toyota Avanza Premio | 127 | 701 | -81.8% | 127 |
| 10 | Hyundai Stargazer | 75 | 407 | -67% | 75 |
| 11 | Toyota Innova | 62 | 182 | -65.9% | 62 |
| 12 | Toyota Innova Cross | 17 | 224 | -92.4% | 17 |
MPV sales table for January 2024 (in units)
Mitsubishi Xpander: 1,285 units
Despite being a popular model in the Vietnamese market, the Mitsubishi Xpander still experienced a significant drop in sales in January. Specifically, the small MPV achieved sales of 1,285 units, a decrease of 54.2% compared to December 2023. Despite the negative growth, the Mitsubishi Xpander remains the best-selling model in the MPV segment, surpassing the Toyota Vios to lead the overall Vietnamese market.
Mitsubishi Xpander
The Mitsubishi Xpander is currently priced from 560 to 698 million VND, which is quite attractive in its segment. Additionally, in February 2024, the car is also offered with a 50% reduction in registration fee for 2023 vehicles. 2024 models are only offered with a free 360-degree panoramic camera worth 20 million VND.
The Mitsubishi Xpander in Vietnam is available in both locally assembled and fully imported variants from Indonesia. The car is equipped with a 4-cylinder, 16-valve, 1.5L petrol engine with a maximum power output of 105 horsepower and a peak torque of 141 Nm. The engine is paired with either a 4-speed automatic transmission or a 5-speed manual transmission.
Suzuki XL7: 450 units
Not all MPVs experienced a sales decline in January 2024, and the Suzuki XL7 is a notable example. The small MPV sold 450 units in the first month of the year, an increase of 130.7% compared to December 2023. Thanks to this, the Suzuki XL7 rose to the second position in the MPV segment, just behind the Mitsubishi Xpander.
Suzuki XL7
The success of the Suzuki XL7 is somewhat surprising as it typically doesn’t have high sales figures. The car’s achievement is likely due to the significant discounts offered by Suzuki in recent times.
In February 2024, the car continues to be supported with a 100% reduction in registration fee and a fuel voucher worth 10 million VND, with a total value of up to 70 million VND. With this promotion, customers only need to invest from 529 million VND to own a Suzuki XL7. This discount program is expected to continue to maintain the car’s appeal.
The Suzuki XL7 is currently priced from 599.9 to 639.9 million VND. For this price, customers receive a small MPV with basic safety features. The heart of the Suzuki XL7 is a 4-cylinder, 1.5L petrol engine that generates a maximum power output of 103 horsepower and a peak torque of 138 Nm, paired with a 4-speed automatic transmission.
Suzuki Ertiga Hybrid: 427 units
Similar to its sibling, the XL7, the Suzuki Ertiga Hybrid also had a strong month with 427 units sold. Compared to December 2023, its sales increased by 46.2%. This result puts the Suzuki Ertiga Hybrid in the third position in the MPV segment, surpassing tough competitors like the Honda BR-V and Toyota Veloz Cross.
Suzuki Ertiga Hybrid
Like the XL7, the Suzuki Ertiga Hybrid has been continuously promoted by the company to clear the inventory. This is one of the factors contributing to the growth of this MPV and helping it escape from being the worst-selling car in the market.
In February 2024, the Suzuki Ertiga Hybrid enjoys a 100% reduction in registration fee for both the MT and AT versions. The total promotional value for the car is up to 117 million VND for the MT version and 140 million VND for the AT version. With this discount, the starting price for the standard version of the car is only 421 million VND. However, it should be noted that this promotion is only applicable to the 2022 MT version of the Suzuki Ertiga Hybrid.
As an affordable MPV, the Suzuki Ertiga Hybrid has relatively basic safety features and amenities in its segment. The highlight of the car is its mild hybrid powertrain, which consists of a 1.5L, 4-cylinder petrol engine with a maximum output of 103 horsepower and a peak torque of 138 Nm. The engine is combined with a manual or automatic transmission.
Kia Carnival: 339 units
Following the general trend of the market, the Kia Carnival also had a challenging month in January with a sales figure of 339 units, a decrease of 40.9%. However, the Kia Carnival is still in the fourth position in the segment and sold far better than many cheaper MPVs.
Kia Carnival
The Kia Carnival in Vietnam is priced from 1.189 to 1.799 billion VND, which is not cheap for a model without significant design or equipment upgrades. The car uses a 4-cylinder, 2.2L Turbo GDi diesel engine with a maximum power output of 199 horsepower and a peak torque of 440 Nm for the low-end variants. The top-of-the-line variant is powered by a V6, 3.5L Smartstream petrol engine, delivering a maximum power output of 268 horsepower and a peak torque of 331 Nm, combined with an 8-speed automatic transmission.
Honda BR-V: 328 units
Like many competitors in the segment, the Honda BR-V also had a decline in sales in January 2024 with only 328 units sold, a decrease of 53.5%. In addition to the general market situation, the Honda BR-V faced lower sales due to the lack of promotions in January. In February 2024, the Honda BR-V continues to be excluded from official discounts.
Honda BR-V
Like the Toyota Veloz Cross, the Honda BR-V features an impressive SUV-like MPV design and several active safety features. In addition, the car is equipped with a 1.5L i-VTEC petrol engine with 4 cylinders and DOHC, producing a maximum power output of 119 horsepower and a peak torque of 145 Nm. The engine is paired with a CVT automatic or 2WD front-wheel-drive transmission.
The Honda BR-V is priced from 661 to 705 million VND for its two variants, which is higher than competing models such as the Mitsubishi Xpander or Toyota Veloz Cross.
Kia Carens: 304 units
The Kia Carens is the remaining MPV with sales exceeding 300 units in January 2024. Specifically, the car sold 304 units, a decrease of 31%. Once again, the Kia Carens sold less than its sibling, the Carnival, despite being significantly cheaper.
Kia Carens
The Kia Carens offers one of the most extensive range of variants in Vietnam, with prices ranging from 589 to 859 million VND. Additionally, it is one of the few MPVs available in a 6-seater configuration in Vietnam.
In addition to the wide range of variants, the Kia Carens features multiple engine options. Specifically, the car is offered with a 1.5L naturally aspirated petrol engine, a 1.4L turbocharged petrol engine, and a 1.5L diesel engine. The engines are paired with a 6-speed manual, a 6-speed automatic, a CVT, or a 7-speed DCT transmission.
Toyota Veloz Cross: 253 units
The Toyota Veloz Cross is one of the MPVs with the highest sales decline in the segment, with a decrease of 84.5%. In January 2024, the Toyota Veloz Cross achieved sales of 253 units, dropping from the second to the seventh position in the MPV segment.
Toyota Veloz Cross
Priced from 658 to 698 million VND, the Toyota Veloz Cross features a sleek and attractive SUV-inspired design. In addition, the car comes with valuable active safety features.
The Toyota Veloz Cross is equipped with a 1.5L, 4-cylinder petrol engine that produces a maximum power output of 105 horsepower and a peak torque of 138 Nm. The engine is paired with a CVT transmission.
Hyundai Custin: 244 units
The sales decline also affected the newcomer to the MPV segment, the Hyundai Custin. In January 2024, the Korean car achieved sales of 244 units, a decrease of 69.8% compared to December 2023. In addition, the ranking of the Hyundai Custin dropped from the third to the eighth position in the segment.
Hyundai Custin
Launched in Vietnam in September 2023, the Hyundai Custin has three variants with prices ranging from 850 to 999 million VND. The car has a large size, spacious 7-seat interior, and a diverse range of safety, convenience, and engine options.
Under the hood of the Hyundai Custin in Vietnam, there are two engine options. The first is a 2.0L Turbo GDi petrol engine with 4 cylinders, producing a maximum power output of 236 horsepower and a peak torque of 353 Nm. The second option is a 1.5L Turbo GDi engine, generating a maximum power output of 170 horsepower and a peak torque of 253 Nm. Both engines are paired with an 8-speed automatic transmission and front-wheel drive.
Toyota Avanza Premio: 127 units
The Toyota Avanza Premio can be considered the most controversial MPV in Vietnam recently due to the emission cheating scandal involving Daihatsu. This incident has somewhat impacted the sales of the Toyota Avanza Premio, which only sold 127 units, a decrease of 81.8%. Like the Toyota Veloz Cross, it is one of the MPVs with the highest sales decline in January.
Toyota Avanza Premio
On December 21, 2023, the Toyota Avanza Premio MT was temporarily suspended from sales in Vietnam due to the Daihatsu scandal. It wasn’t until January 26, 2024, that the MT version of the MPV was allowed to be sold again after the company received guidance from the Toyota Group and reported to the regulatory authorities. According to Toyota Vietnam, the Avanza Premio MT has been certified to meet safety and environmental standards by an independent certification body overseas.
The Toyota Avanza Premio is essentially a more affordable variant of the Veloz Cross, priced from 558 to 598 million VND. The car does not have the same impressive design or active safety features as the Toyota Veloz Cross.
Hyundai Stargazer: 75 units
Similar to the Custin, the Hyundai Stargazer also had a challenging month with a 67% decrease in sales, reaching only 75 units in January 2024. This disappointing result puts the Hyundai Stargazer at the bottom of the MPV segment.
Hyundai Stargazer
Despite its attractive price range from 575 to 685 million VND and its availability in a 6-seater configuration, the Hyundai Stargazer is struggling to find customers in Vietnam. The car’s major disadvantage is its less appealing exterior design.
The Hyundai Stargazer uses a 1.5L Smartstream G petrol engine that produces a maximum power output of 113 horsepower and a peak torque of 144 Nm. The engine is paired with an iVT CVT transmission and front-wheel drive.
Toyota Innova: 62 units
January 2024 once again highlighted the tough competition the Toyota Innova faces from smaller and cheaper MPVs. The mid-size MPV achieved sales of only 62 units, a decrease of 65.9%. As a result, the Toyota Innova ranked second from the bottom in the segment, just above the Innova Cross.
Toyota Innova
The Toyota Innova in Vietnam is priced from 755 to 995 million VND, which is not cheap for a car without significant design or equipment upgrades. The car uses a 2.0L petrol engine with 4 cylinders, producing a maximum power output of 102 horsepower at 5,600 rpm and a peak torque of 183 Nm at 4,000 rpm. The engine is paired with a 6-speed automatic or 5-speed manual transmission.
Toyota Innova Cross: 17 units
The Toyota Innova Cross can be considered the most surprising MPV in the segment with only 17 units sold in January 2024, a decrease of 92.4%. Therefore, it is the MPV with the highest sales decline in the past month. Out of the 17 units, 10 are MT versions and 7 are hybrid versions.
Toyota Innova Cross
In contrast to international markets like Indonesia and India, the Toyota Innova Cross has not received a warm welcome in Vietnam. As a direct competitor to the Hyundai Custin, this model has 2 variants with prices ranging from 810 to 990 million VND. Compared to the Hyundai Custin, the Toyota Innova Cross is smaller and lacks certain convenience and safety features.
Under the bonnet of the 2024 Toyota Innova Cross in Vietnam are two engine options. The first is a 2.0L petrol engine with 4 cylinders, producing a maximum power output of 172 horsepower and a peak torque of 205 Nm. The engine is paired with a Direct Shift CVT. The hybrid variant is equipped with a petrol engine with a maximum power output of 150 horsepower, combined with a strong electric motor with 111 horsepower, and a CVT automatic transmission.
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Looking at the Vietnamese car market right now and humorously comparing it, we will see Camry as a well-behaved young girl, not outstanding in every aspect but easily becoming the choice of the “other half”. Teana, on the other hand, is like a dignified and tranquil woman, full of courage. Meanwhile, Mazda6 is like a hot girl, quickly attracting and captivating anyone’s gaze from the first encounter. As for Accord – with the elegance and experiences of a U30 lady, even though she is always praised by everyone, she hides something “difficult to deal with” in the minds of the majority.
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