Ford Ranger Dominates Vietnamese Pickup Segment, Toyota Hilux Causes Surprise

Ford Ranger Still Sells Well Despite Decline in Vietnamese Vehicle Purchases

According to the sales report of the Vietnam Automobile Manufacturers Association (VAMA), the Vietnamese automobile market experienced a relatively slow start to the new year, with sales reaching 19,243 units in January, equivalent to a 50% decrease compared to the end of 2023.

Pickup Truck Sales Dip, Ford Ranger Remains Popular

The pickup truck segment in the Vietnamese market currently includes five models: Ford Ranger, Mitsubishi Triton, Isuzu D-Max, Mazda BT-50, and Toyota Hilux.

In the final month of last year, total pickup truck sales in Vietnam reached 2,360 units, with the Ford Ranger leading the way with 1,912 units sold.

Entering the first month of 2024, the Ford Ranger remained the most popular choice in the pickup truck segment. Along with the Mitsubishi Xpander, it was one of only two models to sell over 1,000 units in January. However, the Ford Ranger’s sales of 1,143 units represented a decline of over 40% compared to the previous reporting period.

By the end of the first month, total sales in the pickup truck segment in the Vietnamese market reached 1,315 units, equivalent to just under 56% of the sales volume achieved in December 2023.

Of these models, the Ford Ranger, with sales of 1,143 units, accounted for nearly 87% of total pickup truck sales in the Vietnamese market during the first month of the year.

Overall, all five models in the pickup truck segment experienced significant sales declines in the first month of the year. Mitsubishi Triton sold 149 units, Isuzu D-Max sold 18 units, and Mazda BT-50 sold five units in January.

Notably, Toyota Hilux had zero sales in the first reporting period of the year. Currently, Vietnamese customers have only one option available, the 2.4L 4×2 AT version, when purchasing the Toyota Hilux pickup truck.

What to Expect in the Pickup Truck Segment?

The decline in sales across the pickup truck segment in the first month of the year is not entirely unexpected.

The overall decline in purchasing power in the Vietnamese automotive market, including the pickup truck segment, reflects the economic challenges that have affected customers’ income and significantly impacted their decisions to purchase vehicles.

Nevertheless, the pickup truck segment is still expected to see more positive developments in the remaining part of 2024, driven by the launch of new variants.

Last year, Ford introduced the Raptor variant of its best-selling pickup truck in Vietnam, imported as a complete built-up unit (CBU) from Thailand. This year, the American automaker has confirmed that it will soon bring the Stormtrak version of the Ford Ranger to Vietnam to enhance the model’s versatility and competitiveness.

Ford Ranger to Get Stormtrak Variant in Vietnam. Photo: Ford Vietnam.

According to dealership information, the Ranger Stormtrak will be available in Vietnam in two versions: 4×2 and 4×4. In Thailand, the Ford Ranger Stormtrak is positioned in a higher segment than the Wildtrak. This version still uses the 2.0L Bi-Turbo engine, generating 210 horsepower and 500 Nm of maximum torque. Like the Wildtrak, the Ranger Stormtrak uses a 10-speed automatic transmission.

Meanwhile, despite zero sales in the first month of the year, the Toyota Hilux still has high expectations for the rest of 2024. Recently, Toyota confirmed that it will soon add two more variants to its only pickup truck model in the Vietnamese market.

From the second quarter of 2024, the Toyota Hilux will enter the Vietnamese market with a total of three variants: 4×2 MT, 4×2 AT, and 4×4 AT Adventure. After officially returning to the Vietnamese market early last year, this pickup truck model has only been available in the 4×2 AT version, with a price of 852 million VND and relatively limited sales.

Toyota says the 4×2 MT version of the Hilux pickup truck is expected to have a suggested retail price of 668 million VND when it officially launches in Vietnam. This price is quite similar to the XLS 2.0 4×2 MT version of the Ford Ranger (from 665 million VND) but higher than other competitors such as the Mazda BT-50 (from 554 million VND), Mitsubishi Triton (from 650 million VND), and Isuzu D-Max (from 650 million VND).

Toyota Hilux to Get New Variants in Vietnam. Photo: Boi Ha.

Other models in the segment, such as the Mazda BT-50, Mitsubishi Triton, and Isuzu D-Max, have generally maintained stable sales levels. Among them, only the Mitsubishi Triton occasionally records sales of a few hundred units in certain reporting periods, while the Mazda BT-50 and Isuzu D-Max have struggled to sell more than a few dozen units per month.

The Ford Ranger is likely to continue as the sales leader in the pickup truck segment, with Mitsubishi Triton expected to hold onto second place in 2024.

Significant changes in sales figures will likely only occur if automakers or dealers offer incentives and promotions that address customers’ economic concerns and stimulate demand for vehicles.

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