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The Vietnamese auto market ended October on a high note, with sales continuing to grow thanks to incentives from manufacturers and the government’s reduced registration fee. However, not all models benefited equally.
Despite significant discounts, some vehicles still recorded low sales, ranking among the slowest-selling models in the market.
Familiar slow-selling names
In November, the list of slow-selling models included familiar names such as the Honda Accord, Kia K5, and Toyota Corolla. The Accord maintained its position as the slowest-selling model, with only four units sold.
For the first ten months of the year, Honda Vietnam sold a total of 69 Accords.
| Honda Accord remains the slowest-selling model | ||||||||||
| Top 10 slow-selling models in October (data: VAMA, TC Group) | ||||||||||
| Brand | Honda Accord | Toyota Alphard | Isuzu Mu-X | Suzuki Jimny | Kia K5 | Ford Explorer | Honda Civic | Toyota Corolla | Mitsubishi Pajero Sport | Isuzu D-Max |
| Units Sold | 4 | 16 | 23 | 33 | 37 | 41 | 51 | 55 | 58 | 62 |
The Toyota Alphard was the second slowest-selling model, with 16 units sold in October, an increase of three units compared to the previous month. While not the best sales performance for the Alphard so far this year, this number is still impressive compared to the reports from the first and second quarters.
It is unrealistic to expect Alphard to achieve sales numbers comparable to its more affordable siblings, as it occupies a premium segment with a price tag of approximately VND 4.63 billion. The high price and limited import volume are the main reasons why the “land cruiser” has never surpassed the 20-unit monthly sales mark.
The third slowest-selling model was the Isuzu Mu-X, with 23 units sold in October. During a period of market growth fueled by incentives, the Mu-X was a rare model to record a decrease in sales of about 36.1% compared to the previous reporting period.
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Suzuki Jimny. Photo: Vinh Phuc. |
The Suzuki Jimny also made an appearance on the slow-selling list for November, with 33 units sold. In the first ten months, the Japanese automaker sold a total of 352 Jimnys.
In Vietnam, the Suzuki Jimny was introduced in April and attracted a lot of interest from consumers. As it is imported from Japan in small batches, there was a time when customers had to pay an additional fee of tens of millions of VND to secure a unit. The Jimny’s price ranges from VND 789 million to VND 799 million, depending on the exterior color.
The Kia K5, a D-segment sedan, has consistently appeared on the slow-selling list in recent reports. In October, the brand sold 37 K5s, almost doubling its sales from the previous month, but still not enough to escape the slow-selling category.
In the D-segment sedan category, only the Toyota Camry has maintained decent sales figures. Changing consumer preferences and the emergence of more affordable SUV and MPV options have gradually eroded the market share of sedans like the K5, Mazda6, and Honda Accord.
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Kia K5. Photo: Kia. |
The Ford Explorer was another model on the slow-selling list for October, with 41 units sold. Compared to its siblings, the Territory and Everest, the Explorer caters to a more niche market due to its limited engine options and price tag exceeding VND 2 billion.
Continuous price reductions
Many of the slow-selling models have been subject to continuous price reductions, ranging from tens to hundreds of millions of VND, to stimulate demand. The Honda Accord, in particular, has been one of the most heavily discounted models each month.
In November, the Honda Accord was offered with a cash incentive of VND 220 million, bringing the selling price down to VND 1.019 billion. Customers who purchased the Accord in November also received a package of genuine accessories, including window tinting, a dashcam, and floor mats.
In the SUV segment, the Isuzu Mu-X stood out with a 50% registration fee discount offered by the manufacturer to compete with locally assembled vehicles. After conversion to cash value, customers saved approximately VND 45.5-60 million, depending on the version.
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Isuzu Mu-X. Photo: Boi Ha. |
Isuzu currently offers the Mu-X in four versions, with prices ranging from VND 910.8 million to VND 1.25 billion.
Customers who purchased the Suzuki Jimny through a loan also benefited from a promotional interest rate in November. Specifically, buyers of the Jimny were offered a 0% interest rate for the first 12 months if they applied for a loan through the company affiliated with the automaker.
For those who chose not to finance their purchase, a travel voucher for a trip to Japan was offered. This incentive effectively reduced the cost of the SUV by approximately VND 35 million.
The Kia K5 has also been a frequent recipient of promotions, but its sales performance has remained lackluster. In November, the D-segment sedan continued to benefit from the government’s 50% registration fee reduction, along with additional cash support from the manufacturer.
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The D-Segment Sedan Sales Battle: November 2024 Results Show Toyota Camry Trailing Behind Mazda6, Landing in the Lowest-Selling List
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