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According to the latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) and TC Group, the Vietnamese automobile market recorded its highest sales since the beginning of the year in October 2024, with 38,761 units sold. This figure represents a 6% increase from September and a significant 53% jump compared to the same period last year.
Notably, Vietnamese consumers are showing a growing preference for high-riding vehicles priced above VND 1 billion. The SUV/crossover D-segment witnessed a total sales of 3,219 units, marking a 19.4% increase compared to the previous month. Furthermore, it is quite uncommon for this segment to have two models achieving monthly sales of over 1,000 units each.
The Ford Everest witnessed an impressive sales growth in October, with 1,281 units sold, reflecting a more than 35% increase compared to the previous reporting period. For the first ten months of 2024, Ford Everest has sold a total of 8,434 units, almost cementing its position as the “sales king” in the SUV/crossover D-segment. This figure is ten times higher than that of its competitors in the group, such as the Mitsubishi Pajero Sport and the Isuzu Mu-X, accounting for 42.8% of the segment’s market share.
The continuation of a promotional policy offering a 100% registration fee discount of up to VND 109 million, along with additional cash reductions and gifts from dealers, has contributed to enhancing the competitiveness of the Everest against its assembled rivals who are currently benefiting from Decree 109.
The Hyundai Santa Fe maintained its second position in the segment, with October sales reaching 1,007 units, an increase of 249 units (or 32.8%) compared to the previous month. This is the first time in 2024 that Santa Fe has surpassed the 1,000-unit mark in a reporting period.
Meanwhile, some competitors like the Toyota Fortuner, Mazda CX-8, Mitsubishi Pajero Sport, and Isuzu mu-X experienced a decline in sales compared to the previous month, ranging from 10 to 35 units. Specifically, Toyota Fortuner sold 416 units (a decrease of 35 units from the previous month), Mazda CX-8 sold 294 units (down by 25 units), Mitsubishi Pajero Sport sold 58 units, and Isuzu mu-X delivered only 23 units.
Will Ford Everest and Hyundai Santa Fe Engage in a Two-Horse Race?
During the period from 2019 to 2021, the Hyundai Santa Fe consistently held the top spot in terms of sales within the segment, and this dominance was only disrupted when the new-generation Ford Everest was introduced in July 2022.
The American SUV, with its transformative design, enhanced convenience features, and improved safety technologies for the driver, quickly captured the attention of consumers and has dominated the SUV/crossover D-segment ever since.
Throughout 2024, the Ford Everest has consistently led the segment, establishing a significant gap with its rivals. However, the Hyundai Santa Fe is making a strong comeback.
Riding on the wave of the overall market growth, Santa Fe’s sales have been on an upward trajectory since August. Notably, after the introduction of the upgraded model, Santa Fe’s sales surged to over 1,000 units in October.
Despite some controversies surrounding its design and engine options (the absence of a diesel engine), the Hyundai Santa Fe resonates with the “tech passion” of Vietnamese consumers as one of the mass-market automobiles with the highest levels of technology integration.
While it is nearly impossible for the Hyundai Santa Fe to dethrone the Ford Everest this year, with only two months left in 2024 and the 50% registration fee reduction for assembled cars valid only for November, the Korean crossover is well-positioned to compete head-to-head with its rival starting next year.
Ultimately, Hyundai Santa Fe remains a trusted “brand” among Vietnamese consumers. Setting aside individual perceptions of its aesthetics, its utilitarian value is undeniable.
The Car-Buying Power Surge
The automotive industry is experiencing a significant surge in demand compared to the earlier months, with a notable preference for locally-assembled vehicles.
The Ultimate SUV: Ford Everest Reigns Supreme in the D-Segment, Leaving Santa Fe and Fortuner Behind.
The Ford Everest has cemented its position as the undisputed sales leader in the D-SUV segment in Vietnam. With an impressive 8,434 units sold in the first ten months of 2024, it has left its competitors, including the Hyundai Santa Fe and Toyota Fortuner, trailing in its wake.
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