Growth of Up to 303.1%
In March 2024, the Honda CR-V was the fastest-growing model in the C-segment SUV market in Vietnam.
Specifically, this model achieved sales of 649 units, a 303.1% increase compared to the previous month. Of this number, 467 units were the gasoline version and 182 units were the hybrid version. From the beginning of the year to the end of Q1, Honda CR-V delivered 1,080 units to customers.
Sales of C-size SUVs in 2024. Photo: Lifestyle Market
The Honda CR-V is currently priced from VND 1.109 billion to VND 1.259 billion, the highest in the segment but still popular. What makes this model so in demand?
This result is partly due to the 100% excise tax incentive program for the G and L 2WD versions of the car. In addition, the G version of the Honda CR-V also received a cash gift of VND 30 million, bringing the total incentive value to VND 140 million.
The Honda CR-V is currently the model with the highest price in the segment, however, this model is still popular due to its prestigious brand, sportier design, and more modern amenities and safety features.
In particular, the Honda CR-V is also a rare model in the C-size SUV segment in Vietnam that has a fuel-efficient hybrid engine, alongside Haval H6.
In March 2024, Honda’s hybrid model also created a surprise with impressive sales of up to 182 units, an increase of 136% compared to February. Since the beginning of the year, sales have reached 294 units, ranking second in the segment with a market share of 20.6%, behind only the Suzuki Ertiga hybrid. Honda CR-V Hybrid sales accounted for 27% of total CR-V sales in Vietnam.
Not only in Vietnam, but in 2023, the hybrid version of the CR-V topped the segment rankings, also a record for this model in the US market.
In Indonesia, compared to the gasoline version, the hybrid version not only has a higher price but also has significantly higher sales. In the same period of the first 3 months of 2024, only 436 units of the gasoline version were sold, while the hybrid version sold a total of 1,063 units.
Photo: Honda
Honda CR – V Hybrid Silently Conquers Vietnamese Customers
According to VAMA’s report, the hybrid segment recorded sales of 645 units in March, up sharply by 214.6% compared to February 2024. Hybrid vehicles, although not eligible for the same incentives as electric vehicles in Vietnam, are still popular due to the greening trend that continued to be promoted in 2024, the hybrid vehicle market will have more growth opportunities.
In Vietnam, the new generation CR-V with a hybrid version is a significant improvement of this vehicle line, helping the vehicle operate more powerfully while still saving fuel. Besides, the new version also improves some problems of the old version, especially the soundproofing capability. These differences are factors that led Car Awards 2023 judges to vote for the CR-V to win the Car of the Year award for the entire market.
Photo: Edmunds
The CR-V is the only model from Honda Vietnam with a hybrid engine option. The car uses a 2.0L gasoline engine combined with an electric motor, the total power output is 204 horsepower. The fuel consumption on the combined road is stated as 5.2 l/100 km.
In addition to the difference in engine, the CR-V hybrid is also the only version imported from Thailand instead of being assembled domestically. The interior space also has only 2 rows of seats instead of 3, this change helps the car maintain a reasonable weight even though there is an additional battery block under the floor of the car.
This 5-seater high-rise model has a price tag of VND 1.259 billion, a figure that basically does not appeal to users, especially in the current period. Although the sales difference between the gasoline-powered CR-V and the CR-V hybrid is still quite high, the fact that sales of the hybrid version are increasing shows that users are tending to care more about green transportation. In January 2024, the Honda CR-V sold 35 hybrid vehicles, and by March 2024, this number had increased to 182 vehicles, and sales of this vehicle line had increased by 4 times compared to the first month of 2024.
Obviously, the Vietnamese car market still has room for high-priced models. As long as the product brings real value, bringing a worthy experience, customers will “close”. That is an opportunity for the Honda CR-V hybrid in particular and hybrid vehicles in general.
