Domestic car sales record 127% surge in March

In terms of vehicle origins, the past month has seen sales of domestically-assembled vehicles reach 17,140 units, a climb of 99%, whilst CBU imported cars stood at 13,795 units, an increase of 177% compared to one month earlier.

The opening three months of the year witnessed VAMA members selling a total of 70,952 cars, an annual rise of 36%, with passenger cars climbing by 34%. In addition, the sales of commercial and special purpose cars also witnessed respective increases of 43% and 17% compared to the same period from last year.

According to the sales announcement given by VAMA, TC Motor, and VinFast, the local auto industry saw the consumption of 40,072 vehicles of all types in March.

Most notably, Hyundai remained as the leader in terms of car sales among auto brands within the domestic market, with a total of 6,807 units sold, trailed by Toyota, Kia, Ford, Mazda, and Honda.

Along with VAMA members, brands such as TC Motor, Audi, Jaguar, Mercedes-Benz Land Rover, Subaru, Volkswagen, and Volvo also have a presence within the country, although they have chosen not to disclose their business results.

According to experts, following the overall purchasing power of the auto market dropping by 22% in February due to the Lunar New Year holiday, the industry as since prospered with a rise of 127% compared to the previous year, thereby bringing the overall increase recorded in the first quarter to 36% on-year.

This level of growth can mainly be put down to numerous car manufacturers launching new models or upgraded versions of vehicles, with numerous promotions and discounts on offer, in addition to the novel coronavirus (COVID-19) pandemic situation being brought under control within the country.

Furthermore, the vaccination process is also underway in many localities, coupled with the reopening of the domestic tourism market as a means of contributing to boosting domestic purchasing power.