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Tag: car sales

  • September auto sales hits 6-month high

    September auto sales hits 6-month high

    Vietnam’s auto sales in September hit their highest peak since March, totaling 25,375 units, demonstrating a slight increase in demand.

    But the figure for the period is still a 24% year-on-year drop, according to the Vietnam Automobile Manufacturers Association (VAMA).

    In the first nine months sales dropped 29% year-on-year to 209,929 units.

    Truong Hai Auto Corporation (Thaco) sold more cars here than any other firm, totaling 67,228 units in the period, down 34% year-on-year.

    Toyota followed with 38,490 units, down 40%.

    Ford bucked the trend with 71% growth to 26,484 units.

    Mitsubishi and Honda rounded out the top five.

    Industry insiders said that the rise in September sales came as a batch of new models were released in August and many dealers offered large promotions to boost demand.

    Customers also want to take advantage of a reduction in registration fee, which will only last until the end of the year.

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  • VinFast revenues jump on EV sales to Vietnam affiliate

    VinFast revenues jump on EV sales to Vietnam affiliate

    Vietnamese electric car maker VinFast said on Thursday its third-quarter revenue more than doubled with the largest share of its sales going to an affiliate company owned by its founder.

    About 60% of VinFast’s deliveries, or more than 6,000 vehicles, went to Green SM (GSM), a Vietnam-based taxi operator and leasing provider 95% owned by VinFast’s founder, Pham Nhat Vuong, executives said on a call with analysts.

    VinFast had not provided that breakdown in its published earnings.

    For the past two quarters GSM has accounted for about two-thirds of VinFast’s sales.

    VinFast recorded US$343 in revenue for the three months ended Sept. 30, up 159% on the year. Its net loss widened 33.7% to US$623.

    The company aims to hit break even within two years and run its factory in Vietnam at full capacity by then. The factory in Haiphong has the capacity to produce 250,000 electric vehicles (EVs) per year but has been running far short of that.

    GSM launched Vietnam’s first pure EV taxi service earlier this year with a target of starting with 600 VinFast EVs. It also operates a ride service with VinFast electric scooters, executives said.

    It was not immediately clear how many of the 13,000 vehicles GSM has bought from VinFast over the past two quarters would go into its fleet or how many it would hold to lease to customers.

    VinFast Chief Executive Le Thi Thu Thuy said VinFast planned to expand its partnership with GSM to include Indonesia and India, where it is setting up smaller-scale factories that will assemble vehicles shipped in parts from Vietnam.

    “For VinFast, GSM is a very good partner,” she told analysts. “There have been an overwhelming number of questions over GSM.”

    Executives said VinFast expected to have its first U.S. franchise dealership open by the end of the year and was considering proposals from 27 dealers to sell its vehicles, including a second model, the VF 9, it expects to launch this year.

    VinFast, which was formed in 2017 and began making EVs in 2021, plans to set up kit assembly plants in both India and Indonesia to take advantage of EV incentives on offer in those markets, Thuy said.

    VinFast has entered the market at a time when EV prices are under pressure, led by cuts at market leader Tesla (TSLA.O)and a range of Chinese companies.

    VinFast, backed by Vingroup, Vietnam’s largest conglomerate, was listed on the Nasdaq in August after a merger with a blank-check company.

    Shares in VinFast were up 4.5% at US$8.4 each by 1410 GMT.

    The company, which ended the quarter with US$130 million in cash, said it expected to receive around US$1.2 billion in grants from its parent company, its founder Vuong, and two key shareholders in the next six months.

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  • July auto sales 2nd highest for year

    July auto sales 2nd highest for year

    Auto sales jumped to 24,687 units in July, the second-highest monthly number this year behind only March.

    The Vietnam Automobile Manufacturers Association (VAMA), which provided the data – excluding TC Motor and VinFast sales – said however sales were down 18.4% year-on-year.

    The auto market has been going through a rough year amid low economic growth, with sales plummeting by 30% year-on-year in the first seven months to 162,000 units.

    Toyota sold 3,800 cars, a 31% decline.

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  • Hyundai automobile sales in Vietnam increased by 5.5% in March

    Hyundai automobile sales in Vietnam increased by 5.5% in March

    Thanh Cong Group (TC Group) on April 11 announced its sales results for March with over 5,770 Hyundai automobiles sold in Vietnam last month, up 5.5% over February.

    Hyundai Accent continues to be the best-seller model in March with 1,355 units delivered to customers, followed by Hyundai Creta with 1,035 units – equal to the level a month earlier, and Hyundai Grand i10 with 664 units.

    Over 640 Hyundai Stargazer were sold last month, 2.5 times higher than February’s. The TC Group recorded sales of 514 Hyundai Santa Fe units, equivalent to the previous month Hyundai Tucson of 307, up 54.2% compared to February.

    Hyundai commercial models achieved sales of 1,016 vehicles in March, an increase of 42.1% compared to February 2023.

    In the first quarter of 2023, Hyundai-branded models achieved sales of 14,736 units, down 21.1% compared to the same period last year.

    TC Group expects higher sales in the second quarter of this year, explaining that the demand will increase thanks to the peak tourism season with greater travel demand.

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  • Auto sales recommence growth

    Auto sales recommence growth

    Vietnam’s auto sales in March returned to growth with a 17 percent increase year-on-year to 36,962 units after two consecutive months of decline, according to Vietnam Automobile Manufacturers Association (VAMA).

    The figure was highest this year and brought sales in the first quarter to 90,506 units, up 27 percent year-on-year, said VAMA, which does not incorporate data of VinFast and TC Motor (assembler of Hyundai cars).

    Most top-selling brands posted a double-digit increase in sales compared to March last year.

    Truong Hai Auto Corporation (Thaco) led with 13,295 units sold, up nearly 33 percent year-on-year.

    Toyota sold 7,977 units, up 22 percent.

    Mitsubishi and Honda followed with 3,675 units and 3,604 units respectively.

    Visuco (Suzuki) saw sales declining by 0.8 percent, while Ford’s sales plunged 45 percent.

    With data from all brands included, the hatchback VinFast Fadil was the top-selling model in Vietnam last month at 2,567 units. It was followed by the SUV Toyota Corolla Cross and the sedan Toyota Vios.

     

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  • BMW Group India Records Highest Ever Sales Growth In 2021

    BMW Group India Records Highest Ever Sales Growth In 2021

    BMW Group India has recorded the highest ever sales growth in a decade at 35 percent selling 8,876 cars (BMW + MINI) and 5,191 motorcycles in 2021. While the Bavarian carmaker sold 8,236 units of BMW cars, 640 units of MINI cars were sold in India. BMW India saw over 40 percent contribution from locally manufactured SUVs including the BMW X1, the BMW X3, and the BMW X5. The new models such as the BMW M 340i xDrive, BMW X7 and BMW 3 Series Gran Limousine which were quite a in demand were either completely sold out or had a long waiting period of several months.

    Vikram Pawah, President, BMW Group India said, “BMW Group India has remained strong and resilient with all its three brands – BMW, MINI and BMW Motorrad – posting stellar growth. Greater flexibility and farsighted planning in business processes ensured that we overcame unpredictable market situations and increased our market share. An attractive product portfolio specially designed keeping in mind the requirements of Indian customers and an unwavering emphasis on customer service has significantly propelled brand loyalty and drawn many new customers into our fold.”

    Coming to its sedan range, the BMW 3 Series and the BMW 5 Series continued to be strong performers for the brand. Even the MINI range saw a growth of 25 per cent compared to 2020 sales where the MINI Countryman remained the bestselling MINI contributing over 50 percent to overall sales. The MINI Hatch and the popular MINI Convertible contributed 18 percent each.

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  • November auto sales rise to year high as government halves registration fee

    November auto sales rise to year high as government halves registration fee

    November saw the highest monthly auto sales this year of 38,656 units as a discount in registration fees sent buyers scrambling to dealers’.

    The figure represented a 30 percent rise from October and a 6 percent increase year-on-year, according to the Vietnam Automobile Manufacturers Association.

    The government cut registration fees for locally produced cars by 50 percent for six months starting December 1.

    November was the third month in a row in which auto sales rose after five months of declines between April and August as the fourth wave of Covid-19 hit sales.

    In the first 11 months of this year, 257,390 units were sold, a 3 percent rise.

    Thaco, an assembler of Mazda and Peugeot led with 88,967 units, up 5 percent, followed by Toyota with 55,109 units, down 7 percent, and Mitsubishi, Ford, and Honda made up the top five.

    Last year sales fell by 8 percent to 296,634 units as the Covid-19 pandemic hit the economy, people’s incomes, and discretionary spending.

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  • Auto sales surge 40 pct

    Auto sales surge 40 pct

    Auto sales in the first six months rose 40 percent year-on-year to 150,481 units, according to Vietnam Automobile Manufacturers Association (VAMA).

    Passenger vehicles saw sales rise 37 percent in the period, while commercial vehicles grew 48 percent and special-purpose vehicles, 68 percent.

    Local brand Truong Hai Auto Corporation retained the top spot with 51,685 units, up 51 percent.

    Toyota saw sales growing 16 percent to 29,239 units, while the figures for Mitsubishi were 45 percent and 14,915 units.

    Honda and Ford made up the rest of the top five.

    The best-selling car model in the first six months was the hatchback VinFast Fadil, followed by two sedans, Hyundai Accent and Toyota Vios.

    Last year sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.

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  • Vietnam begins to make switch to online car sales

    Vietnam begins to make switch to online car sales

    Three auto brands have begun to sell online as they seek to take advantage of the country’s e-commerce boom.

    Since January this year customers have been able to go to the VinFast website, select the model, customize color and interiors, and indicate mode of payment.

    They can then go to the nearest showroom to complete the purchase. VinFast offers to deliver the car to the customers’ doorstep. Customers who want to pay in installments can submit their profiles online. Mercedes launched online sales March. Customers can customize their vehicles and a dealership is suggested to them. The sales procedures are however completed in person.

    TC Motor, which assembles Hyundai vehicles, last month began to allow customers to compare its cars online and see how much they cost after promotions, taxes and fees.

    Auto companies are actually late in adopting technology in sales, Nguyen Trung Kien, chief technology officer at digital marketing company Novaon MarTech, said.

    “When customers become familiar with online transactions, online sales options are inevitable.”

    It has taken a long time for auto companies to start offering online sales since theirs are expensive products and customers are used to the idea of physically touching them before making a purchase decision, he said.

    But with the development of technology, auto manufacturers could now go directly to customers and gradually cut out the middlemen, and also get to know their customers’ needs more, he added.

    But industry insiders expect it to take a long time to change customers’ preference from shopping offline for cars to online.

    “There are many perks in online shopping for cars but to make the decision customers still need to come to showrooms and see with their own eyes and touch with their own hands,” the marketing director of a Japanese auto company in Vietnam, who asked not be identified, said.

    In order to reach the same level as Tesla, meaning customers do not need to test drive the cars before making the purchase, auto manufacturers need to first create firm trust in product quality, the marketing director added.

    Auto sales in Vietnam rose 53 percent year-on-year in the first five months to 126,894 units, according to the Vietnam Automobile Manufacturers Association.

  • Mercedes-Benz Global Sales Up By 22.3% In Q1 2021

    Mercedes-Benz Global Sales Up By 22.3% In Q1 2021

    Mercedes-Benz cars sold 590,999 passenger cars globally in the first quarter of 2021 driven by China and US retail sales as well as strong demand for plug-in hybrids and all-electric vehicles. This marks a jump of 22.3 percent in sales globally compared to the same period last year. In Europe, one in four cars sold by Mercedes-Benz and smart was an xEV.

    Globally, plug-in hybrids and all-electric cars made up about 10 percent of overall sales, with approximately 59,000 units and thereof more than 16,000 all-electric vehicles sold. The EQA too has been well received after it was launched in January this year. The company already has 20,000 orders for the EQA. Given the strong start, the company is looking to bring in 3 new models the EQS, EQB, and the EQE this year.

    The current worldwide shortage of supply in certain semiconductor components affected deliveries in the first quarter and will continue to affect sales in Q2. The company monitors the situation closely and is in constant contact with the suppliers.

    Sales of Mercedes-Benz in the Asia-Pacific region rose 46.6 percent due to the continuing strong sales development in China: where a new record was achieved with 222,520 cars delivered in Q1. In January, sales in China almost reached the milestone of 100,000 vehicles within a single month. In the Europe region, brand deliveries were despite ongoing lockdown measures in many markets at the beginning of the year slightly above Q1 2020. In Germany, Mercedes-Benz sold a total of 54,446 cars down by 15.4 percent while sales in the North America region totaled 88,318 units showing strong growth of 12.5 percent.

    In India, the company recorded a growth of 34 percent over Q1 202

  • Auto sales up 21 pct in 2021

    Auto sales up 21 pct in 2021

    Auto sales in the first two months of the year jumped by 21 percent to 40,017 units.

    Passenger vehicles dominated sales at 71 percent, according to the Vietnam Automobile Manufacturers Association.

    Local company Truong Hai Auto (Thaco) led the market with 14,964 units representing a 39 percent year-on-year increase.

    It was followed by Toyota (6,848), and Mitsubishi (4,605).

    Honda and Ford rounded off the top five.

    Last year sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.

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  • Maruti Suzuki Records 19.3% Production Growth In February 2021

    Maruti Suzuki Records 19.3% Production Growth In February 2021

    Maruti Suzuki India has announced production figures for the month of February 2021. India’s leading carmaker said its total production increased by 19.3 percent to 1,68,180 units in February against 1,40,933 units produced in the same month last year. The numbers recorded last month are slightly better than what the automaker posted in February 2020. The total number of passenger vehicles manufactured last month were 1,65,783 units in comparison to 1,40,370 units in the corresponding month last year, witnessing a growth of 18 percent.

    The Indo-Japanese carmaker manufactured 1,60,975 units in January 2021 as against 1,68,180 units, witnessing a marginal month-on-month (MoM) growth of 4 percent. The production of mini hatchbacks – Alto and S-Presso in February 2021 decreased marginally by 4 percent to 28,213 units as compared to 29,676 units produced in the same month last year. However, compact vehicles such as WagonR, Celerio, Swift, Dzire, Ignis, Baleno, and the Glanza saw production growth of 21.22 percent with 91,091 units against 75,142 units manufactured a year ago. The Maruti Suzuki Ciaz compact sedan saw a decline in production by 34.13 percent to 1,943 units as compared to 2,950 units manufactured in February 2020.

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  • Tesla Cuts Prices Of Base Variants Of Model 3, Model Y On Its Website

    Tesla Cuts Prices Of Base Variants Of Model 3, Model Y On Its Website

    Tesla Inc has reduced the price of its cheaper variants of the Model 3 sedan and the Model Y sports utility vehicle (SUV), while raising prices for their performance variants, the electric-car maker’s website showed. The price of its Model 3 Standard Range Plus has been lowered to $36,990 from $37,990, while the Model Y Standard Range’s price came down to $39,990 from $41,990, according to the website.

    The carmaker has been making various models in its lineup more affordable at a time when legacy automakers are trying to make inroads in the electric vehicle market.

    The standard range of the Model Y was launched in January, bringing its SUV’s price closer to that of the Model 3 sedan, the electric-car maker’s least expensive car.

    The prices for the Performance variant of the Model 3 rose to $55,990 from $54,990 and Model Y to $60,990 from $59,990, the website showed.

    The price cuts come as Tesla looks to ramp up its deliveries. Overall, the company delivered 499,550 vehicles during 2020, above Wall Street estimates of 481,261 vehicles.

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  • Auto sales rise to year high

    Auto sales rise to year high

    Auto sales climbed to 27,252 units in September, the highest monthly number this year, as Vietnam contained its second Covid-19 outbreak.

    It represented a 32 percent rise from August, when hundreds of new Covid-19 cases were diagnosed, according to a report by the Vietnam Automobile Manufacturers Association (VAMA).

    Passenger vehicles accounted for 75.7 percent of the sales, commercial vehicles for 23.5 percent, and special-purpose vehicles for the rest.

    However, sales in the first nine months fell 22 percent year-on-year to 179,155 units as social distancing was imposed in the second quarter due to the disease outbreak and incomes fell.

    Local brand Truong Hai Auto (Thaco) retained the top spot with a 34.6 percent share of the market through its sales fell 11 percent to 59,709 units.

    It was followed by Toyota with 41,109 units and Mitsubishi with 17,228 units, both representing double-digit declines too.

    Honda and Ford rounded off the top five.

    On June 28 the government cut first-time registration fees by half for locally made vehicles to foster sales amid the pandemic.

    The reduction will last through this year before returning to old levels on January 1, 2021.

    Auto sales had risen 11.7 percent to 322,322 units last year.

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  • Excess car demand for Tet holiday drives prices up in Vietnam

    Excess car demand for Tet holiday drives prices up in Vietnam

    The surge in demand for cars before the Lunar New Year means customers have to wait or pay extra to get immediate delivery. With only weeks to go for the Lunar New Year Festival (Tet), which falls on February 5 this year, consumers are rushing to order automobiles leading to a shortage in the market. They either have to wait for a long time for delivery or, for quick delivery, opt for accessories which can cost an extra VND70-150 million ($3,013-6,458).

    For instance, Hyundai SUV Santa Fe requires an extra VND70-160 million ($3,013-6,887), which is 7-16.1 percent above the minimum listed price, while for the Toyota Fortuner it is VND100-150 million ($4,305-6,457). But most customers will have to wait until March for delivery if they signed the purchase agreement last November or later.

    The only way to get guaranteed delivery before Tet is to buy from someone who signed earlier, car dealers said, explaining that a dealership only gets around 20 units in each model per month but demand is two to three times that number.

    The shortage is because of difficulties in importing at the beginning of 2018 as a result of a new regulation tightening imports, Tran Thanh Binh, director of Thanh Binh Automobile Import Export Trading Service Co Ltd, said.

    The regulation stipulates that traders are only permitted to import if they can provide valid vehicle registration certificates issued by authorities from the countries of origin.

    Original quality control certificates for each vehicle and letters of authorization regarding recalls of defective vehicles from the manufacturers are also required, along with copies of quality assurance certificates provided by the countries of origin.

    “This made companies stop ordering from factories in Indonesia and Thailand. The second half of 2018, however, with these difficulties resolved, businesses have started to order again. But, since the factories also produce for many other markets, Vietnam was not able to order enough,” he explained.

    Vietnam imported 6,362 cars, including 4,264 personal cars, 1,820 trucks in the first 15 days of 2019, according to Vietnam Customs.