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The Race to the Top: MPV Segment Speeds Ahead, Slow-Selling Groups Left in the Dust

31 January, 2025

Although there is still less than a month left in 2024, the race for sales figures in certain automotive segments is almost over. Notably, the mainstream MPV segment has already found its two top-selling models, with sales figures far surpassing their competitors.

In November, mainstream MPV sales reached 5,789 units, the highest monthly figure for the year. Mitsubishi Xpander took the lead, delivering 2,422 units to customers in November, bringing its year-to-date sales to an impressive 17,509 units. With these remarkable sales figures, the Xpander is set to maintain its position as the best-selling model in its segment and one of the top-selling vehicles overall for the year.

The Mitsubishi Xpander has been a consistent favorite among customers in the past two years. The Japanese automaker has also offered a range of attractive incentives for the popular MPV.

In December, Mitsubishi continued to support its customers by offering a 50% discount on registration fees for the Xpander. Additionally, buyers of the AT Premium trim received a 360-degree camera and fuel vouchers, totaling approximately 72 million VND in savings. Those who opted for the MT trim received a complimentary rearview camera worth 2.5 million VND.

The second best-selling MPV for the year was the Toyota Veloz Cross, with 1,146 units sold in November, bringing its year-to-date sales to 7,425 units. While it couldn’t surpass the Xpander, the Veloz Cross still maintained a comfortable lead over its competitors, such as the Kia Carens and the Hyundai Stargazer.

Toyota showed its commitment to maintaining the Veloz Cross’s strong sales performance by enhancing its familiar incentive program for December. Specifically, customers who purchased the Veloz Cross during this month enjoyed an increased discount on registration fees, now covering the full 100% of the cost.

With a price range of 638-660 million VND, the Veloz Cross offered significant savings of 64-66 million VND per unit with the December promotion.

Surprises in the Mid-Tier Segment

While the top two positions were predictable, the battle for third and fourth place in the segment remained close. The Kia Carens sold 692 units in November, bringing its year-to-date sales to 4,291 units, temporarily securing the third position.

Closely following the Carens was the Hyundai Stargazer, with 468 units delivered in November and a year-to-date total of 3,455 units, placing it in the fourth spot for the segment.

However, the Honda BR-V is making a strong push, with 386 units sold in November and a year-to-date total of 3,216 units. With continuous promotions, including a 50% discount and a one-year body insurance offer in December, the BR-V is poised for a strong finish to the year, possibly even surpassing the Hyundai Stargazer in sales.

The Suzuki XL7 Hybrid has also shown consistent growth, selling 418 units in the latest reporting period. Unfortunately, Suzuki’s late entry into the market this year meant that the XL7 Hybrid couldn’t climb out of the bottom position in the rankings.

New entrants to the market, such as the BYD M6, GAC M6 Pro, and MG G50, have yet to make a significant impact on sales figures, so the current leaders remain the familiar faces in the segment.

While the top-selling MPV for the year is all but confirmed, the generous incentives offered by automakers are expected to shake up the rankings in the final month of 2024.

Surprises in the Mid-Tier Segment

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