Ford Ranger sales decline as pickup truck segment struggles

Sales of Ford Ranger in May did not reach 1,000 units. Photo: Bối Hạ.

In the context of the overall sluggish automobile market in Vietnam, many pickup truck models unexpectedly saw slight growth, except for Ford Ranger and Mazda BT-50.

According to a report by the Vietnam Automobile Manufacturers’ Association (VAMA), the sales of the entire pickup truck segment in May reached 1,193 units, a 35% decrease compared to the previous month.

Ford Ranger’s sales decline

In May, Ford Vietnam sold 932 Ranger units, a 34.6% decrease compared to the previous month. For the first time this year, the sales of this pickup truck model have dropped to such a low level.

Selling less than 1,000 units per month has caused Ford Ranger to fall out of the top three best-selling vehicles in the market in May. However, compared to other competitors in the segment, Ford Ranger’s sales still dominate with nearly 78% market share.

Prior to this, this pickup truck model also received many incentives from dealerships to clear stock of 2022 VIN vehicles. Currently, new 2023 Ranger models are also being offered at a discount to stimulate purchasing demand.

Specifically, employees at a Ford dealership in Ho Chi Minh City stated that they will provide an additional 50% registration fee support for customers purchasing Ford Ranger pickup trucks in June. Thus, the total discount for this model is 100% registration fee. Additionally, customers who place orders will receive a cash discount of 5-15 million VND depending on the version.

“Ford Vietnam offers an additional 50% registration fee support in addition to government-subsidized costs to create conditions for customers to own a vehicle at a more affordable price,” the employee added.

Mazda BT-50 is also experiencing a decline in sales due to the overall sluggish market conditions. Previously, this model had a period of narrowing the gap with Mitsubishi Triton with an average sales of over 85 vehicles per month. In the second month of Q2, Thaco sold 71 Mazda BT-50 units, a decrease of 3 units compared to April.

In the first 5 months of the year, Mazda BT-50 sold 405 vehicles, temporarily ranking as the third best-selling model in the pickup truck segment. Thaco Vietnam is currently distributing Mazda BT-50 with 4 versions priced from 659 to 849 million VND.

Mitsubishi Triton’s strong growth due to promotions

Mitsubishi Triton ended May successfully with a recovery in sales growth after a steep decline in the previous month. In May, Mitsubishi Vietnam delivered 142 Triton units, an increase of nearly 45% compared to the previous month. In the first 5 months of the year, the sales of Mitsubishi Triton reached 824 units, becoming the second best-selling pickup truck model in the Vietnam market, second only to Ford Ranger.

The strong sales growth in May was largely thanks to the promotion campaigns that Mitsubishi implemented to stimulate purchasing. In June, this pickup truck model continues to be offered with discounts of up to 110 million VND.

Sales of Mitsubishi Triton grew well in May. Photo: Bối Hạ.

In addition to the “3 no” program that offers support for registration fees and interest rates, customers who purchase this pickup truck model in June will also receive an additional one-year physical damage insurance and a roll cover worth 20 million VND. However, this program is exclusively for customers purchasing 2022 VIN Mitsubishi Triton models.

Customers who buy vehicles produced in 2023 will still receive a 50% registration fee support and complimentary genuine accessories. This pickup truck model is currently distributed in the Vietnam market with a total of 4 versions, priced from 690 to 905 million VND.

Slow-growing group shows signs of growth

After a long absence in the Vietnamese market due to not meeting emission requirements, Toyota Hilux returned in March and gradually gained stable purchasing power as its sales continued to increase despite the overall market downturn. In May, this pickup truck model sold 23 units, bringing the total number of vehicles sold to 56 units.

However, although the purchasing power has not declined, Toyota Hilux has not yet been able to escape the group of slowest-selling vehicles in the market. Toyota Hilux is currently distributed in Vietnam with one version, priced from 852 to 860 million VND depending on exterior colors.

Despite not experiencing a sales decline, Toyota Hilux has not been able to establish a competitive position against its segment competitors. Photo: Bối Hạ.

Meanwhile, the sales of Isuzu D-Max also slightly increased in May thanks to the deep discount program implemented by the company. Specifically, Isuzu Vietnam sold 25 D-Max units in May, an increase of 6 units compared to April. However, with sales below 20 units per month, Isuzu D-Max still cannot surpass Mazda BT-50.

In June, Isuzu D-Max continues to be heavily discounted at many dealerships to improve sales. According to a reporter’s survey, some Isuzu dealerships are willing to offer discounts of over 100 million VND for 2022 VIN models and provide complimentary gifts worth 15 million VND. Currently, Isuzu D-Max is distributed in Vietnam with 4 versions, with prices ranging from 650.1 to 880 million VND.

In general, Ford Ranger has a significant impact on the pickup truck segment as it has consistently been the leader in the segment for a long time. The decline in Ford Ranger’s sales has caused the entire segment to struggle with a significant decrease in sales despite the positive growth of many other models.

It is predicted that automakers will continue to offer promotions for the pickup truck segment in the coming months, providing customers with the best prices to access these vehicles.

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