Entering the seventh lunar month, known as the Ghost Month, the Vietnamese automobile market experiences a typical slowdown in sales as consumers refrain from purchasing high-value items during this period. This includes the automotive sector, where models with already low sales tend to face further challenges.
To counter this, dealerships are offering significant incentives on slow-moving models within the segment, providing attractive discounts or price adjustments to clear inventory.
Wuling Mini EV
While monthly sales figures are not disclosed, financial reports from TMT Motors, the distributor of the Wuling Mini EV, indicate that only 591 units of this affordable electric car were sold in 2023, falling short of the set target of 5,000 vehicles.
As a result, dealerships have consistently offered promotions to make the Mini EV more appealing to buyers. Notably, since August 5, 2024, TMT Motors has reduced the price of the Wuling Mini EV nationwide.
The price reduction makes the Wuling Mini EV more accessible to Vietnamese consumers, with a price tag of just under 200 million VND. Photo: Wuling Dealer
The two variants, LV2 120 km and 170 km, have been discounted to 197 million VND and 231 million VND, respectively. This is the first time the Wuling Mini EV has received a price adjustment since its launch on June 29, 2023.
At 197 million VND, the Wuling Mini EV Enhanced 120km is only slightly more expensive than the Vespa GTS Super Tech 300 (158.6 million VND).
Suzuki Ciaz
According to a sales consultant at a dealership in Central Vietnam, the Suzuki Ciaz is currently offered with a discount of 80 million VND, bringing the actual selling price down to 455 million VND. The previous listed price was 534.9 million VND.
With this new pricing, the Suzuki Ciaz becomes more competitive with the recently launched Hyundai Accent 2024 entry-level manual transmission model (439 million VND). In terms of equipment, the Ciaz can also be compared to the automatic transmission Accent, priced at 489 million VND.
The Suzuki Ciaz, a B-segment sedan, often lags in sales due to strong competition, especially from the Hyundai Accent, Toyota Vios, and Honda City. Photo: Suzuki Dealer
The price reduction for the Suzuki Ciaz is not surprising, as there are indications that the model will be discontinued in Vietnam soon. Additionally, the upcoming closure of the Suzuki factory in Thailand, where the cars sold in Vietnam are sourced, further supports this prediction.
The number of Ciaz units available at dealerships is limited, and some locations have even stopped offering this model. The remaining units were all produced in 2023.
Honda Accord
The Honda Accord, positioned in a segment that is inherently challenging to sell due to high prices and large sizes, has consistently underperformed in sales. In fact, it often ranks at the bottom of sales charts within its segment.
In the first six months of 2024, the Honda Accord sold only 48 units, while its closest competitor, the Toyota Camry, sold 660 units. Photo: Honda
To boost sales, Honda Vietnam has been offering cash incentives of up to 220 million VND, reducing the price to 1.099 billion VND. This makes the Accord more competitively priced compared to its primary rival, the Toyota Camry (starting at 1.105 billion VND). However, when it comes to price competitiveness, the Honda Accord still falls short of other rivals in the segment, such as the Mazda6 (starting at 769 million VND) and the Kia K5 (starting at 859 million VND).
Kia K5
Despite having better sales figures than the Honda Accord, the Kia K5 still finds itself among the bottom 10 vehicles with the lowest sales in the market, with only 132 units sold in the first half of 2024.
The Kia K5 rarely receives official promotions, and even with multiple price adjustments by Kia in recent months, the K5 has not been included in these offers. Consequently, some dealerships are offering significant discounts on 2023 VIN units to clear their inventory.
The Kia K5 belongs to the D-segment, which faces challenges due to high prices and the declining popularity of sedans compared to SUVs. The facelifted version has not yet arrived in Vietnam. Photo: Kia
A dealership in Central Vietnam is offering the Kia K5 Luxury with a discount of 50 million VND, bringing the price down to 809 million VND. Another dealership in Hanoi is offering a slightly lower discount of 35 million VND, resulting in a price of 824 million VND. Even with these reductions, the actual price of the Kia K5 remains higher than that of the Mazda6 (starting at 769 million VND).
Isuzu mu-X
According to sales consultants, the Isuzu mu-X is currently offered with substantial discounts, especially on the top-of-the-line Isuzu mu-X Premium, which is now priced at 1.050 billion VND, a reduction of over 200 million VND from the listed price of 1.251 billion VND.
Although the 2025 model of the Isuzu mu-X has been released, it has not yet arrived in Vietnam. Photo: Isuzu Dealer
With this discount, the Isuzu mu-X now has a lower price than its competitors, the Toyota Fortuner (starting at 1.055 billion VND) and the Ford Everest (starting at 1.099 billion VND), in the 7-seat SUV/crossover segment.
The Isuzu mu-X consistently ranks at the bottom of sales charts in its segment, with only 85 units sold in the first six months of 2024. In contrast, the best-selling model in the segment, the Ford Everest, sold 4,442 units during the same period, outselling the mu-X by a factor of 52.
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Isuzu D-Max
A dealership in Dong Nai is offering the Isuzu D-Max with a discount of 120 million VND, applicable only to the top-of-the-line Type Z model produced in 2023. According to a sales consultant, the inventory of this model at the dealership is limited.
Alongside the mu-X, the Isuzu D-Max is another model that ranks among the bottom 10 vehicles with the lowest sales in Vietnam for the first half of 2024. Photo: Isuzu Dealer
After applying the discount, the Isuzu D-Max Type Z is priced at 760 million VND, which is more affordable than the Mitsubishi Triton Athlete 4×2 (780 million VND) and the Ford Ranger XLS 4×4 (776 million VND).
Despite frequent dealership promotions, the Isuzu D-Max continues to struggle in the Vietnamese market. In the first six months of 2024, the D-Max sold only 170 units, ranking above only the Mazda BT-50, which has been discontinued. Thus, it can be said that the D-Max is currently the pickup truck with the lowest sales in the market (among models with reported sales figures).
The low sales of the Isuzu D-Max are understandable, as the entire pickup segment in Vietnam operates under the shadow of the Ford Ranger. The American pickup has dominated the segment for 10 consecutive years and is on its way to an 11th month, with sales nearly eight times that of the second-ranked Mitsubishi Triton. The Ford Ranger accounts for nearly 82% of the market share in the pickup segment (based on figures from the first half of 2024).
