|
The automotive industry in Vietnam witnessed a significant surge in new vehicle introductions in early 2024, largely driven by the entrance of Chinese auto brands. While the number of new SUVs dominated the market, there was also a notable emergence of affordable MPVs.
But what fate awaits these new budget-friendly MPVs? Will they all achieve success in the highly competitive Vietnamese market?
Hyundai Stargazer X: A New Name for a Second Chance
In the second quarter of the year, Hyundai made the first move by introducing the Stargazer X, a new variant replacing its predecessor, the Stargazer. The launch of the Stargazer X proved to be a much-needed intervention as the earlier model had failed to capture the hearts of consumers.
There was a time when the monthly sales figures for this MPV struggled to reach double digits. In the beginning of the year, Hyundai managed to sell only 55 units of the Stargazer, followed by consecutive months of zero sales until the arrival of the Stargazer X. The reason for the Stargazer’s downfall wasn’t attributed to its pricing, amenities, or engine performance, but rather its peculiar and unappealing design.
With the introduction of the X variant, Hyundai completely transformed the vehicle’s appearance, infusing more SUV-like characteristics. The Stargazer X boasts increased overall dimensions, creating a sense of grandeur without the oddities of its predecessor.
 |
|
Hyundai Stargazer X. Image: TC Motors. |
Among the new MPV entrants this year, the Stargazer X has demonstrated the strongest sales performance. In the five months since its launch, Hyundai has sold an average of 597 units per month. In Vietnam, the Stargazer X is offered in three variants, with prices ranging from 489 to 599 million VND.
Suzuki XL7 Hybrid: A Familiar Face with a New Heart
Unlike the Stargazer X, the Suzuki XL7 Hybrid failed to create a similar buzz upon its introduction. This vehicle is not entirely new but rather a mild hybrid version of its predecessor, the XL7 gasoline model, featuring an almost identical design.
The mild hybrid engine, inherited from the Ertiga hybrid, is a 1.5L gasoline engine that delivers a maximum output of 103 horsepower and 138 Nm of torque, paired with a 12V lithium-ion battery.
| |
|
Suzuki XL7 Hybrid. |
Both the XL7 and the Ertiga hybrid, the models preceding the XL7 Hybrid, consistently appeared on the list of slowest-selling vehicles in the market during the first half of the year. This lackluster performance could be attributed to the fact that the XL7 Hybrid largely retains the design and engine of its predecessors, which failed to make a significant impact in the market.
However, the XL7 Hybrid’s practicality, affordability, and low operating costs make it appealing to pragmatic buyers and those in the taxi service industry. The mild hybrid technology offers slightly improved fuel efficiency without the complexities associated with more advanced hybrid systems, which could increase maintenance and repair costs.
In Vietnam, the XL7 Hybrid is available in a single variant, priced at 599.9 million VND.
Can BYD M6 Find Its Place in the Market?
BYD, a successful electric vehicle brand in many markets, introduced the M6 as its fourth model in Vietnam in October. This model is expected to be a more “budget-friendly” option compared to its three predecessors, the Dolphin, Atto 3, and Seal, which struggled to gain traction due to their niche target audience, high price tags, and unconventional designs.
| |
|
BYD M6. |
The BYD M6, on the other hand, is a pure electric MPV with dimensions similar to those of the Hyundai Custin and Toyota Innova Cross. Its electric powertrain and low operating costs make it an attractive choice for taxi service providers. The challenge of limited public charging stations can be mitigated by strategic overnight charging and sufficient range for daily operations.
Currently, the BYD M6 is the only electric MPV in the market, with other electric offerings limited to small cars or SUVs. However, according to Tri Thức – Znews, BYD does not intend to sell the M6 in large quantities to taxi companies in Vietnam. Instead, the M6s operating as taxis are typically privately owned and do not bear taxi insignias.
This decision could potentially hinder the M6’s competitiveness against its rivals. The BYD M6 is priced at 756 million VND in Vietnam.
GAC M6 Pro: A Question Mark
At the VMS 2024 event, GAC unveiled the M6 Pro, priced at 699 and 799 million VND for the two available variants. Unlike other Chinese automakers, GAC chose to enter the Vietnamese market with the GS8, a D-segment SUV, and the M8, a luxury MPV, instead of focusing on the more popular B-segment SUVs.
Given the higher price points of these initial offerings, it was unlikely that GAC would quickly gain positive traction in terms of sales. However, the real challenge for GAC lies in its operational and sales strategy. Despite being a prominent group in its home country, GAC does not seem to be fully committed to selling its vehicles in Vietnam.
| |
|
GAC M6 Pro. |
As per their official website, GAC currently has only seven dealerships across Vietnam, located in Hai Phong, Bac Ninh, Da Nang, Lam Dong, Ho Chi Minh City, Long An, and Binh Duong. Moreover, the company has shown no signs of establishing local manufacturing facilities or investing in after-sales service infrastructure to support its customers.
As a result, it is challenging for GAC to build trust and long-term relationships with potential buyers, despite offering well-designed and high-quality vehicles.
MG G50: High Expectations for an Affordable Option
At the VMS 2024 event, MG also unveiled its new affordable MPV, the G50, and hinted at a potential launch in November. However, as dealerships started taking pre-orders, there has been little transparency regarding the official pricing and delivery timelines, with customers relying solely on information provided by sales consultants.
According to various sources, the MG G50 is expected to be priced between 550 and 650 million VND for the two available variants. If this pricing strategy comes to fruition, the G50 could very well replicate the success of the MG 5, a sedan that gained popularity by offering C-segment space at a price comparable to A- and B-segment SUVs (399 million VND).
 The automotive giants, Mitsubishi, Honda, and Hyundai, witnessed a dip in their sales for October. Their popular models, the Mitsubishi Xpander, Honda BR-V, and Hyundai Stargazer, all experienced a decline in numbers, sparking interest in understanding the reasons behind this trend and potential strategies to reverse it.
The Best Hybrid Cars Launching in Vietnam in 2024.
|
