The Mid-Size SUV Showdown: Ford Everest Sales Slump as Hyundai Santa Fe Makes a Comeback

The Toyota Fortuner is a sleek and powerful SUV, as depicted in this image from TMV.

According to statistics from the Vietnam Automobile Manufacturers’ Association (VAMA), the automotive market sold 24,350 units in April. Large SUVs accounted for 1,897 units, or 7.7% of the total market sales.

Unlike most other segments, large SUVs showed signs of recovery ahead of potential tax incentives. Compared to the previous month, this segment, with vehicles priced above one billion VND, grew by approximately 13.6%.

Ford Everest Remains a Top-Seller Despite a Dip in Sales

The Ford Everest, a consistent leader in this segment, experienced a surprising decline in sales in April while its competitors rebounded. With 766 units sold, the large SUV saw a 14.7% decrease compared to the previous month. However, it still maintained its top position, capturing 40.3% of the market share.

For the first four months of the year, the American-made SUV achieved a total sales volume of 2,801 units, retaining its crown despite a 14.1% decrease compared to the same period last year (3,263 units).

Ford Everest remains the best-selling large SUV in Vietnam
Sales figures for large SUVs in April (data source: VAMA, TC Group)
Brand	Ford Everest	Hyundai Santa Fe	Toyota Fortuner	Mazda CX-8	Kia Sorento	Mitsubishi Pajero Sport	Isuzu Mu-X
	Units Sold	766	530	267	202	87	25	20

Another model that saw a sales decline in the first month of the second quarter was the Mitsubishi Pajero Sport. According to VAMA, Mitsubishi Vietnam sold 25 units of the Pajero Sport in April, a 37.5% decrease from the previous month. Compared to the same period last year, sales of this model also decreased by 66.2%.

The Mitsubishi Pajero Sport, which averaged 100 units sold per month in 2023, has faced challenges this year, resulting in consecutive monthly sales declines. In February, economic downturns and the Lunar New Year holiday caused a significant drop in sales to just 6 units. After a brief recovery in March, sales plummeted again in April.

For the first four months of 2024, the cumulative sales of the Mitsubishi Pajero Sport stood at 214 units.

Hyundai Santa Fe Leads the Pack in Sales Recovery

The Hyundai Santa Fe, a popular large SUV in the Vietnamese market, has experienced fluctuating sales due to supply chain issues. So far this year, monthly sales have not exceeded 300 units.

However, the second quarter marks a turning point for this model, with April sales reaching 530 units, representing a remarkable growth of over 105.4%. This model also achieved the highest growth rate in its segment.

The Hyundai Santa Fe exudes elegance and power. [Image: Hyundai]

With sales surpassing 500 units, the Santa Fe solidified its position as the segment’s runner-up, maintaining a safe distance from the Mazda CX-8.

For the first four months of the year, TC Group sold 1,050 units of the Santa Fe, capturing 18.5% of the market share. However, compared to the same period last year, sales for the first four months of 2024 showed a decrease of approximately 38.6%.

The Mazda CX-8, once a close competitor to the Santa Fe, sold 202 units in April, matching its sales from the previous month. For the year so far, cumulative sales of this large SUV from Mazda reached 684 units.

Mazda recently adjusted the pricing of the CX-8 in mid-April, offering a discount, but then increased the price again at the beginning of May. The new suggested retail price for this SUV now ranges from 949 million to 1.129 billion VND, depending on the version.

The Mazda CX-8 offers sleek styling and advanced features. [Image: Mazda]

The Toyota Fortuner also experienced a strong recovery in April, with 267 units sold. For the first four months, cumulative sales reached 627 units, capturing an 11% market share, making it the third best-selling large SUV in the segment.

At the beginning of the year, Toyota adjusted the pricing of the Fortuner to stay competitive. The large SUV now has a price range of 1.055 to 1.35 billion VND, representing a decrease of 63 to 120 million VND, depending on the version.

In April, the Kia Sorento recorded sales of 73 units for its combustion engine version and 14 units for its hybrid variant. While these numbers are not significant, they reflect the growing consumer interest in new energy vehicles.

The Isuzu Mu-X, the slowest-selling large SUV in the market, saw its sales double in April, reaching 20 units. Although this is not enough to lift the model out of the slow-selling group, it is a positive sign as it is the first time this year that monthly sales have exceeded 20 units.

Overall, with the Ford Everest and Hyundai Santa Fe leading the way, large SUVs continue to hold their ground in the Vietnamese market. Especially with the overall market sales declining ahead of potential tax incentives, this segment has the potential to accelerate further if attractive promotions and incentives are introduced.