August 2024, which coincided with the seventh lunar month, saw a significant dip in the domestic car market. Even a well-loved automotive brand like Toyota witnessed a decline in sales during this period.
Toyota Vietnam reported sales of 4,700 units in August 2024, comprising 1,911 domestically assembled vehicles and 2,789 completely built-up imported cars. This figure represented a 27.4% decrease compared to the previous month.
The combined sales of Toyota and Lexus for August 2024 totaled 4,761 units, a 27.7% drop. Lexus, the luxury brand, recorded modest sales of 61 units, a decrease of 44%. Since its introduction in Vietnam, Lexus has accumulated total sales of 13,117 units.
Toyota’s hybrid models, on the other hand, showed some resilience with 349 units sold in August, bringing the year-to-date sales to 2,435 units. Currently, five Toyota models offer hybrid variants: Yaris Cross, Corolla Cross, Innova Cross, Camry, and Corolla Altis.
Toyota Vietnam’s sales took a plunge during the inauspicious month.
Breaking down the sales by model, the Vios sedan emerged as Toyota’s best-selling vehicle for the month, with 1,010 units sold. However, this figure represented a significant drop of 42.1% compared to the previous month.
The Yaris Cross followed closely, with sales of 927 units, a decrease of 25.3%. Similarly, its segment competitor, the Corolla Cross SUV, experienced a challenging month with 577 units sold, a 14% decline, placing it as the third best-selling model in the Toyota family.
The Veloz Cross rounded off the top four for Toyota in August 2024, with sales of 538 units, reflecting a decrease of 29.7%.
| Brand | Origin | Model | August 2024 Sales (Units) | Change from July 2024 |
|---|---|---|---|---|
| Toyota | CKD | Vios | 1,010 | -42.1% |
| CBU | Yaris Cross | 927 | -25.3% | |
| CBU | Corolla Cross | 577 | -14% | |
| CKD | Veloz Cross | 538 | -29.7% | |
| CKD + CBU | Other Models | 1,648 | N/A | |
| Toyota Total | 4,700 | -27.4% | ||
| Lexus | Imported | 61 | -44% | |
| Combined Total | 4,761 | -27.7% |
Toyota Vietnam’s sales performance for August 2024.
The decline in Toyota Vietnam’s sales can be attributed not only to the traditional slowdown during the lunar seventh month but also to customers anticipating a reduction in registration fees. Additionally, longer-than-expected customs clearance times contributed to lower-than-expected sales, which may continue to impact not just Toyota but the entire Vietnamese automotive market in the coming months.
