The VinFast Segment Prepares to “Join the Battle”: Mitsubishi Xpander is the “Boss”, With a Growth Rate That Surpasses SUVs

According to statistics from the Vietnam Automobile Manufacturers’ Association (VAMA) and TC Group, the total sales of multi-purpose vehicles (MPVs) in October 2024 reached 7,175 units, a decrease of 4.57% compared to September 2024 (7,519 units) but an impressive increase of 54.33% year-over-year.

The Mitsubishi Xpander maintained its top position in the MPV segment in October 2024, with sales of 2,131 units, a 20.7% decrease from the previous month, but still a significant 66.9% increase year-over-year (from 1,277 units). Cumulative sales from the beginning of the year to date stand at 15,087 Xpander vehicles sold in the market.

In second place was the Toyota Veloz Cross, with 1,061 units sold in October 2024, a slight decrease of 7.49%, but a remarkable 103% increase compared to the same period last year (523 units). After ten months of sales, a total of 6,279 Veloz Cross vehicles have been sold in the market.

Kia Carnival sold 1,044 units in October 2024, a 2% increase from September 2024. Compared to October 2023, Carnival saw a remarkable surge with a 100% growth in sales. As a result, Kia Vietnam has sold 5,320 Carnival vehicles in the first ten months of 2024.

Notably, Innova Cross experienced a significant increase of 471% in sales (143 units) compared to the same period last year. Cumulative sales for the ten months stand at 4,087 units for Toyota Vietnam.

Most models in the segment witnessed significant growth compared to the previous year. It is evident that MPVs are experiencing a boom in the Vietnamese automobile market in the last five years, while sedan and compact car segments seem to be losing their appeal.

Before 2018, the MPV market was largely dominated by the Toyota Innova. However, the introduction of new models, particularly the Mitsubishi Xpander in 2018 and the Kia Sedona in 2020, changed the landscape of this segment.

MPVs offer spacious interiors and high versatility, making them ideal for buyers looking for vehicles that can be used for both passenger transport and cargo.

Looking at VAMA’s sales data for the past five years (2020-2024), SUVs have emerged as the segment with the highest sales volume. However, in terms of sales growth rate, MPVs take the lead with a nearly 98% increase, followed by SUVs at 59%. In contrast, the sedan segment has declined by 48%, with sales figures significantly lower than the other two segments.

Mitsubishi Xpander continues to be the sales champion in the MPV segment and is often the preferred choice for transportation businesses. While other competitors have yet to match its impressive sales figures, this dominance may face challenges in the future.

Following the success of the MG5, which gained popularity among business owners with its price of less than VND 400 million, the Chinese automotive brand is expected to introduce another 7-seater model to the market.

The MG G50, unveiled at the recent Vietnam Motor Show (VMS) 2024, is expected to be priced at around VND 500 million for the standard version, making it the most affordable option in its segment if this price is maintained at the official launch.

The GAC M6 Pro, with a starting price of VND 699 million, is another formidable 7-seater MPV in the market.

The influx of new MPV models in Vietnam also includes the introduction of the all-electric BYD M6. Equipped with a 55.4kWh Blade battery, the BYD M6 offers a range of 420km on a single charge. Compared to gasoline-powered vehicles, the BYD M6 is highly cost-effective, consuming only about VND 45,000 per 100km, while a gasoline-powered car would typically use about 7 liters of fuel, costing approximately VND 130,000 per 100km.