C-class sedans sell slowly despite companies' efforts to launch incentives to boost sales
In the first quarter of 2023, sales of all C-class sedan models totaled 3,634 vehicles, down 52% compared to the same period last year. Therefore, the sedan models in this segment in Vietnam are all offered incentives and discounts by the company to attract customers to clear inventory and increase sales.
According to sales reports released by the Vietnam Automobile Manufacturers Association (VAMA) and TC Motor, models in the C-class sedan segment are recording a decline in sales compared to the same period last year.
Specifically, the Kia K3 is the model that recorded the sharpest decline in sales, selling only 879 cars in the first 3 months of the year. Meanwhile, in the same period last year, this model had the leading sales in the segment with 3,576 cars. Therefore, the Kia K3's sales have dropped by 75%.
Similarly, the current segment leader, the Mazda 3, sold 1,206 vehicles in the first three months of 2023, down 40% year-on-year. Next was the Hyundai Elantra with sales of 704 vehicles, down 30%. The pair of Japanese C-class sedans, both currently imported, the Toyota Corolla Altis and Honda Civic, had sales of 483 and 362 vehicles in the first quarter of 2023, down 9% and 24%.
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Kia K3 has the sharpest sales decline in the segment compared to the same period in 2022. Photo: Kia |
The reasons for the sharp decline in sales of the C-class sedan segment may come from the preference for high-chassis cars by Vietnamese customers or the selling prices of C-class sedans being almost close to high-chassis cars of the same class.
In an effort to boost sales in this segment, car manufacturers have also been racing to offer incentives. Kia K3 in March offered a price discount of up to 60 million VND, and from April, special incentives of up to 100% of registration fees, the highest being up to 81 million VND. The current price of Kia K3 is only from 567-738 million VND.
The Korean compatriot Hyundai Elantra also reduced prices at dealerships by VND50-60 million for cars manufactured in 2022 to clear inventory and boost sales. Mazda 3 also recorded the highest discount since the beginning of the year, down from VND20-68 million to VND604-719 million.
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Mazda 3 rose to take the lead in the segment in the first quarter of 2023. Photo: Mazda |
Toyota Corolla Altis is discounted by 50 million VND for all versions with VIN 2022. Vehicles manufactured in 2023 are discounted by 15 million VND for 2 versions with internal combustion engines. Hybrid versions are not discounted.
The MG5 model also received increased incentives from the second half of April. Customers who buy MG5 receive 100% support for registration fees, the highest level is up to more than 70 million VND.
Not out of the race, Honda Civic also received the highest discount of up to 100 million VND for the 2022 RS version at some dealers to "clear" inventory.
