The Ford Everest Carries the Sales Weight for Large SUVs

The Ford Everest is an impressive vehicle, as showcased in this image from Ford.

According to statistics from the Vietnam Automobile Manufacturers’ Association (VAMA), the automotive market sold 25,794 units in April, including 11,985 domestically assembled vehicles and 13,809 imported cars. Among them, large SUVs accounted for 7.5% of the total market consumption, with 1,912 units sold.

Ford Everest is leading the recovery signs compared to the previous month, as more than half of the remaining vehicles in this group saw a decline in sales.

Ford Everest Leads the Pack, Santa Fe Sells Under 500 Units

After a significant dip in April, the Ford Everest showed signs of recovery in May, selling 811 units, a 5.8% increase from the previous month (766). With sales surpassing 800 units per month, it’s no surprise that the Everest continues to dominate the 7-seat SUV segment, capturing over 42.4% market share.

Excluding March, this is also the best-performing month for the Ford Everest this year, given the market’s fluctuations. Meanwhile, the Hyundai Santa Fe fell short of expected growth, selling 496 units in May, a 6.4% decrease from the previous month.

Ford Everest Dominates the Large SUV Segment
May 2023 7-Seater SUV Segment Sales (Data: VAMA, TC Group)
Brand	Ford Everest	Hyundai Santa Fe	Toyota Fortuner	Mazda CX-8	Kia Sorento	Mitsubishi Pajero Sport	Isuzu Mu-X
	Units Sold	811	496	246	175	104	68	12

However, when considering year-to-date sales, this is still a positive signal for the South Korean brand. In the first quarter, Santa Fe sales never surpassed 300 units per month.

From January to May, TC Group delivered a total of 1,546 Santa Fe units to customers, maintaining its position as the second best-selling model in the segment with approximately 20% market share.

Thus, just these two top-selling large SUVs account for over 60% of the group’s total sales, while the remaining seven models share nearly 30% market share. This reflects a decline in the segment’s overall performance this year.

The Hyundai Santa Fe, a popular choice from TC Group. (Image: TC Group)

The Kia Sorento, a rare model in this segment with an HEV variant, witnessed an impressive sales recovery in May. Both the gasoline and hybrid versions saw growth, selling 84 and 20 units, respectively. This is a nearly 20% increase compared to the previous month, although it’s still not enough to surpass competitors like the Santa Fe, Ford Everest, or Mazda CX-8.

However, this trend indicates that green vehicles are gaining traction and attracting new customers.

Over Half of the Segment Experiences Slow Sales

Excluding the Santa Fe, which maintained steady sales, models like the Mazda CX-8, Kia Sorento, and Toyota Fortuner showed a decline due to market fluctuations.

Once a strong contender to the Santa Fe, the Mazda CX-8 sold 175 units in May, a 13.3% decrease from the previous month. Cumulative sales for the first five months stand at 859 units.

The elegant and refined Mazda CX-8. (Image: Thaco Vietnam)

The Mazda CX-8 has also undergone the most price adjustments in the first half of the year. There have been promotions, price increases, and a mid-April discount of 10-30 million VND. According to the manufacturer’s website, all CX-8 versions saw a 10 million VND price increase in early May. As a result, the SUV is now priced from 949 million to 1.129 billion VND.

Toyota Fortuner also experienced a slight dip in sales, selling 246 units in May, a 7.85% decrease from the previous month. Cumulative sales for Toyota Vietnam’s Fortuner stand at 873 units for the first five months.

The reliable Toyota Fortuner. (Image: TMV)

The Isuzu Mu-X continues to struggle, selling only 12 units in May, a decrease of 8 units from the previous month. Cumulative sales for the first five months are 67 units. In Vietnam, the Toyota Fortuner is priced from 1.055 to 1.35 billion VND, while the Mu-X offers a more competitive range from 910 million to 1.251 billion VND, excluding promotions.

Overall, with the Ford Everest leading the way, the large SUV segment maintains its strong presence in the Vietnamese market. However, without additional incentives or compelling sales strategies, this segment’s market share could be at risk, with more affordable SUVs like the Mazda CX-5 or Hyundai Tucson gaining popularity.