Challenging Sales for Hyundai Grand i10 in the Small Car Segment

Kia Morning. Photo: Bối Hạ.

According to the latest report from the Vietnam Automobile Manufacturers Association (VAMA) and TC Group, the car market consumed 38,740 units in the last month of 2023. This figure represents a 39% growth compared to the previous month and is the best sales result the Vietnamese car market achieved last year.

Hyundai Grand i10 sells over 1,000 units

After a period of fluctuations, the purchasing power of all car models has gradually improved thanks to policies and promotional programs. However, in the low-cost urban car segment, the gloomy situation still persists as the Hyundai Grand i10 is unable to bear the low purchasing power compared to the other two competitors.

By the end of 2023, the entire small-size A-segment sold 11,159 units, a decrease of 24.2% compared to 2022, despite the addition of the Toyota Wigo.

In December, TC Group successfully delivered 1,135 Grand i10 units, equivalent to nearly a 51% growth compared to the previous month. However, compared to the same period last year (1,184 units), the sales volume of this model still decreased by 4.1%.

This is the most successful month for the small Korean model, the Grand i10, as it surpassed the 1,000 unit milestone after 12 months. In total, TC Group successfully delivered 7,944 Grand i10 units, overpowering all other competitors in the segment.

However, this figure is still not enough for the Hyundai Grand i10 to account for the entire sales volume in the segment. Compared to 2022, its sales volume has still decreased by about 26.1%. With sales below 8,000 units per year, the Grand i10 is certainly unable to make it into the top 10 best-selling cars in 2023.

Toyota Wigo surpasses Kia Morning

Unlike before, when the race between the Hyundai Grand i10 and the Kia Morning was still taking place, the Kia Morning has almost been losing ground uncontrollably. From the time the Toyota Wigo returned to the market in the second quarter of 2023, the Kia Morning slowly fell behind to the third position.

In the last month of 2023, the Kia Morning is one of the few models that experienced a significant decline in sales, going against the overall market trend.

Specifically, in December, the Kia Morning sold only 100 units, a decrease of 46 units compared to the previous month. At the end of 2023, the sales volume of the Kia Morning reached 1,467 units, which is about 60% lower than the previous year.

The sharp drop in sales has made the Kia Morning the slowest-selling small car in the market, even lower than the Toyota Wigo despite being available in the market for over half a year.

Toyota Wigo. Photo: TMV.

Meanwhile, the Toyota Wigo, after 6 months back in the Vietnamese market, still cannot surpass the Hyundai Grand i10. In December, Toyota’s small-size car sold 291 units, an increase of 51 units compared to the previous month. In total, Toyota Wigo sold 1,748 units in 2023.

Prior to withdrawing from the market due to not meeting Euro 5 emission standards, the Toyota Wigo had struggled in the sales race with the Hyundai Grand i10 and the Kia Morning. Last year, the sales volume of this model dropped to nearly 0 units around June, and this A-segment car could only end 2022 with a consumption of 488 units in the Vietnamese market.

In its current comeback, although it has surpassed the Kia Morning, the Toyota Wigo still cannot help the small-size segment regain its appeal like in the years 2018-2020.

Too many competitors

In previous years, the low-cost car segment gained popularity among customers thanks to its affordable price, making them one of the first “dream cars” for many people. However, in recent years, the key factors that make small car models stand out have become blurred as more and more models are launched, meeting both price and engine criteria.

Urban SUV models with high ground clearance and price differences of only about 100-200 million VND are gradually gaining advantage in the low-cost car segment. Immediately after that, the A+/B- crossover SUV segment continued to emerge, officially complicating the small car segment.

Toyota Raize. Photo: Vĩnh Phúc.

With modern design, spacious interior, and powerful engines, models like the Kia Sonet or Toyota Raize have achieved relatively good sales despite limited supply. However, by the end of 2023, Kia Sonet sold 11,366 units, while Toyota Raize successfully delivered 4,546 units over the past 12 months.

Recently, the small urban car segment has also welcomed the wave of mini electric cars. The Wuling Hongguang Mini can be considered as the first electric car to be introduced in the Vietnamese market. In February 2023, TMT Motors confirmed assembly and official distribution of this electric car from China.

VinFast also introduced its mini electric car, the VinFast VF3, in July 2023 and started accepting deposits since September 2023. It is expected that VinFast’s mini electric cars will be delivered to customers in the third quarter of this year.

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