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Mitsubishi Xforce makes a strong debut in the Vietnamese market. Photo by Vinh Phuc. |
According to the latest sales report from the Vietnam Automobile Manufacturers’ Association (VAMA), automobile sales in Vietnam surged by 135% in March, reaching a total of 27,289 units. Specifically, passenger car sales accounted for 19,014 units, marking a significant 135% increase compared to the previous reporting period.
Urban SUVs Accelerate
In March, the B-segment SUV category witnessed a remarkable growth of over 280% compared to the previous month, with a total of 4,159 units sold. Aside from the positive growth across most models in this segment, the introduction of the Mitsubishi Xforce further bolstered sales, contributing an additional 1,334 units in its first month of availability.
With an impressive debut performance, the Mitsubishi Xforce claimed the top spot as the best-selling B-segment SUV in Vietnam for March. This “new kid on the block” also secured a position in the top 3 most favored automobiles among Vietnamese customers during the last month of the first quarter.
| Mitsubishi Xforce takes the lead in its segment during its launch month | |||||||||
| Sales structure of the B-segment SUV market in March (Data source: VAMA, TC Motor) | |||||||||
| Brand | Mitsubishi Xforce | Honda HR-V | Toyota Yaris Cross | Hyundai Creta | Kia Seltos | Mazda CX-3 | Mazda CX-30 | Toyota Corolla Cross | |
| Units Sold | 1334 | 759 | 702 | 549 | 340 | 214 | 181 | 80 |
The Toyota Yaris Cross demonstrated the most impressive growth within the segment, increasing its sales from 119 units in February to 702 units in March. However, this achievement was not enough to surpass the Honda HR-V, which sold 759 units, making it the second best-selling B-segment SUV.
Following closely behind are the Hyundai Creta and Kia Seltos, with sales figures of 549 and 340 units, respectively. The Mazda CX-3 and Mazda CX-30 also contributed to the segment’s growth, with 214 and 181 units sold during the same period.
On the other hand, the Toyota Corolla Cross continued to struggle in the B-segment SUV market, selling only 80 units in March, including 9 hybrid models alongside 71 units of the 1.8G and 1.8V variants. Notably, the Toyota Corolla Cross was the only model in this segment to experience a decline in sales compared to the previous month.
However, the decrease in sales for the Toyota Corolla Cross can be attributed to the upcoming launch of its 2024 model, which has been confirmed to arrive in Vietnam as early as May. In this new generation, the Toyota Corolla Cross will be streamlined to offer only two variants, with price tags of 820 million VND and 905 million VND for the 1.8V and 1.8HEV versions, respectively.
The Hottest Segment in the Vietnamese Automotive Market
Even before the Mitsubishi Xforce made waves as the best-selling B-segment SUV in March, this category had already been attracting significant attention from Vietnamese customers due to various moves made by automotive brands.
Since the beginning of the year, the Toyota Yaris Cross has undergone price adjustments for both its variants, resulting in a maximum reduction of 80 million VND. Hyundai Creta and Mitsubishi Xforce followed suit, with their respective manufacturers announcing new prices that brought the entry-level models below the 600 million VND threshold.
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Hyundai Creta and other B-segment SUVs receive updated pricing at the beginning of the year. Photo by Boi Ha. |
Thaco, the distributor of Mazda models in Vietnam, also made price adjustments to select variants of the Mazda CX-3 and Mazda CX-30, while introducing the new generation of the Kia Seltos with updated features and pricing.
Honda, on the other hand, took a more reserved approach, opting to offer a 50% registration fee support program for the Honda HR-V instead of direct price cuts.
As of the first quarter, the Honda HR-V currently leads the pack in cumulative sales, having sold a total of 1,844 units. Mitsubishi Xforce, despite being a newcomer, quickly rose to second place, an impressive feat considering it has only been on the market for one month. The Hyundai Creta and Toyota Yaris Cross trail closely behind, with cumulative sales of 1,201 and 1,160 units, respectively. Rounding out the top 5 best-selling B-segment SUVs in Vietnam is the Kia Seltos, with a total of 1,067 units sold.
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Honda HR-V leads the segment after the first quarter, closely followed by the Mitsubishi Xforce. Photo by Toan Thien. |
While it is still early to make definitive conclusions, the Mitsubishi Xforce’s remarkable sales performance in March has sparked curiosity about its potential to become the new “king” of the B-segment SUV market.
Furthermore, if the Mitsubishi Xforce can maintain its sales momentum in the coming months, its cumulative sales could surpass 3,600 units in just the first two months of its launch. This would far exceed the total sales of the Mazda CX-3 (1,534 units) and Mazda CX-30 (1,623 units) for the entire previous year, and come close to the Honda HR-V’s annual sales of 3,804 units in 2023.
However, it is important to remember that the Vietnamese automotive market still has three more quarters to go in 2024. The Kia Seltos 2024 has already been introduced, and the Toyota Corolla Cross 2024 is expected to arrive at dealerships from next month onwards. Additionally, established models such as the Hyundai Creta, Toyota Yaris Cross, and Honda HR-V, along with new entrants, have the potential to create surprises in the market.
Should the Mitsubishi Xforce dominate the B-segment SUV market in its first year, it would undoubtedly be one of the most fascinating stories in the Vietnamese automotive industry. Even if it doesn’t achieve this feat, its impressive debut performance will still be a topic of conversation, as it has helped Mitsubishi alleviate the burden of relying solely on the Xpander for passenger car sales.
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