Market Decline for Pickup Trucks in Vietnam
According to the Vietnam Automobile Manufacturers’ Association (VAMA), the car market in Vietnam experienced a significant decline in sales in February 2024. Many segments, including pickup trucks, saw a large decrease in demand.
The sharp decline in sales of pickup trucks is mainly attributed to a decrease in market demand. February coincides with the Lunar New Year holiday, which significantly affects car buying activities.
Despite a steep decline in sales, the Ford Ranger continues to showcase its appeal. The “King of Pickup Trucks” sold 880 units in February, a 23% decrease from the previous month and a 27.8% decrease compared to February 2023. However, this figure is still enough to make Ford’s pickup truck the best-selling vehicle in the market for February, maintaining a significant lead over the second-placed Mitsubishi Xpander (641 units).
Cumulative sales for the first two months of 2024 reached 2,023 units, a 7% decrease compared to the same period last year, accounting for approximately 91% of the pickup truck market share. The price range for these vehicles is from 665 to 979 million Vietnamese dong.
In the pickup truck segment, the Mitsubishi Triton came in second place with 70 units sold in February 2024, a 53% decrease from the previous month (149 units) and a 52% decrease compared to February 2023. Cumulatively for 2024, Triton sold a total of 219 units, a 4.4% decrease compared to the same period last year.
The third position in the segment belonged to the Mazda BT-50 in February 2023. However, this position has now been taken over by the Isuzu D-Max with 11 units delivered to Vietnamese customers, a 38.9% decrease compared to January 2024 (18 units). In the first two months of 2024, D-Max sold a total of 29 units, a 75% decrease compared to the same period in 2023.
The most surprising result is that both Mazda BT-50 and Toyota Hilux did not sell any units in this month. In total, Mazda BT-50 sold 5 units thanks to the sales from the previous month. Meanwhile, Toyota Hilux had zero sales for both months, making it the worst-selling model in the market.
It is worth noting that Toyota Hilux has quietly discontinued official distribution in Vietnam for the past two years. Some sources suggest that the Hilux 2024 will be introduced soon with two engine options and a price range from 700 million Vietnamese dong onwards.
This information also reveals that the Hilux 2024 will offer two engine options, both meeting Euro 5 standards. The Hilux 2.4L 4×2 AT version is priced over 700 million Vietnamese dong. This model utilizes a diesel engine with a displacement of 2.4L, which is currently fitted in Fortuner vehicles, with a rear-wheel-drive configuration and an automatic transmission.
A premium option, the Hilux 2.8L 4×4 AT Adventure, will be priced over 900 million Vietnamese dong. This version is also the highest-spec Hilux in other Southeast Asian markets. It is equipped with a 2.8L diesel engine producing over 200 horsepower and 500 Nm of torque. This version features four-wheel drive and an automatic transmission.
However, Toyota Vietnam has not yet provided any official confirmation regarding this information. The official website only displays information about the Hilux 2.4L 4×2 AT model with a price of 825 million Vietnamese dong.
If this information becomes a reality, the pickup truck segment in Vietnam will become more lively, as the Hilux was one of the most popular choices.
