Truck Sales Dip, Ford Ranger Still Outsells the Competition

Ford Ranger Maintains Dominance in Vietnam’s Pickup Truck Market

Hanoi, March 15, 2024 – The latest sales figures released by the Vietnam Automobile Manufacturers Association (VAMA) show that the overall sales of automobiles in Vietnam continue to struggle, with a 40% decline compared to the beginning of the year, reaching 11,633 units sold in February alone.

The passenger car segment also faced a similar downturn, experiencing a 45% drop in sales, with only 8,099 units sold during the reported period in the first quarter of the year.

Across-the-board Decline in Sales

Typically, February marks a slowdown in the Vietnamese automotive market as most purchases are concentrated before the Tet Lunar New Year. Therefore, the nearly 27% decrease in sales for the pickup truck segment during the month was not entirely unexpected.

The combined sales of Ford Ranger, Mitsubishi Triton, Isuzu D-Max, Toyota Hilux, and Mazda BT-50 amounted to 961 units in the last month, falling short by 354 units compared to the 1,315 units sold in the first report of the year.

Among them, Ford Ranger retained its position as the most sought-after pickup truck in Vietnam despite a 23% decrease in sales. Specifically, Ford Ranger sold 880 units in February, leading the pickup truck segment and becoming the overall best-selling vehicle in Vietnam’s automotive market.

Trailing closely behind, Mitsubishi’s Triton pickup truck witnessed a significant 53% drop in sales, reaching only 70 units sold in February.

Isuzu D-Max managed to sell 11 units in February, while both Toyota Hilux and Mazda BT-50 reported zero sales during the reporting period.

While Mazda BT-50 did not manage to sell a single unit in its first month of the year, this marks the second consecutive reporting period in which Toyota Hilux’s sales have remained stagnant.

Overall, Ford Ranger continues to demonstrate its “pickup truck king” status in Vietnam’s automotive market, carrying the entire segment’s sales on its shoulders. With 2,023 units sold to Vietnamese customers since the beginning of the year, Ford Ranger holds nearly 89% of the total pickup truck market share in Vietnam.

Unlikely to Change

Considering the current market dynamics, it is almost certain that Ford Ranger will retain its position as the most popular pickup truck in Vietnam by the end of 2024.

Ford Ranger’s dominance in the segment is expected to grow stronger with the introduction of the Stormtrak version, scheduled for release in April.

The pricing for this version is yet to be announced, but it is anticipated to generate considerable interest due to features such as a sports bar on the bed and auxiliary lighting mounted on the front grille. In the Thai market, the Stormtrak version is positioned above the Wildtrak variant.

Meanwhile, Toyota Hilux is expected to receive a refresh from the Japanese automaker in the second quarter of this year, aiming to change the current unfavorable market conditions.

Specifically, the Toyota Hilux will offer a total of three versions: 4×2 MT, 4×2 AT, and 4×4 AT Adventure, starting from the second quarter. Currently, Toyota’s pickup truck is only available in Vietnam with the 4×2 AT version, priced at 852 million VND.

Toyota Hilux to offer additional variants with new pricing. Photo: Boi Ha.

Late last year, Mazda also announced price adjustments for several models, including the BT-50 pickup truck. The Japanese automaker reduced the list prices for both variants of the BT-50 by 30 million VND, bringing the current pricing to between 554-614 million VND.

For Mitsubishi Triton, the Japanese automaker is offering a 50% discount on the registration fee for customers who purchase during March. Additionally, the promotional program includes a one-year physical damage insurance policy and a rear camera worth 2.5 million VND for those who choose the 4×2 AT MIVEC version.

However, as mentioned earlier, despite strong incentives, price adjustments, and expanded options by competitors, Ford Ranger is likely to remain the most preferred pickup truck in Vietnam throughout 2024.

A shift in the pickup truck segment dynamics might only occur when a groundbreaking model is introduced. In that case, an all-electric pickup could potentially challenge Ford Ranger’s dominance, although the arrival of electric pickup trucks in the Vietnamese market remains uncertain for the time being.

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