Business News 03/11/2023, 04:14

New car production peaks in October

To prepare for an abundant supply of new cars in the last months of the year, car manufacturers have sharply increased production and car imports since October.

New car production peaks in October

According to the General Statistics Office, it is estimated that up to about 42,200 new cars were added to the Vietnamese market in October, including imported cars and domestically manufactured cars, an increase of 13% compared to September (with 37,330 cars).

Number of domestically manufactured, assembled cars and imported cars in the first 10 months of 2023. (Cre: Hoang Hiep)

In October, the number of domestically manufactured, assembled cars is estimated to reach 32,200, an increase of 7.7% compared to September (with 29,900 cars). With this number, domestically manufactured cars in October have surpassed June with 32,000 cars to reach the highest production volume since the beginning of the year. However, compared to the same period in 2022, the number of domestically manufactured cars still decreased slightly by 2%.

In the first 10 months of 2023, the total number of domestically manufactured, assembled cars is estimated to reach 272,800, reaching 83.1% compared to the same period in 2022.

Data from the report of the General Statistics Office also shows that the number of completely built-up cars imported into Vietnam in October was estimated at 10,000, with a total turnover value of 241 million USD. The unit value of imported cars in October reached 24,100 USD/car (approximately 600 million VND).

Compared to the number of 7,430 cars and turnover value of 173.6 million USD in September (according to the report by the General Department of Customs), imported cars increased sharply by 34.6% in volume and 38.8% in value. However, compared to the same period in 2022, the number of imported cars into Vietnam in October 2023 is still only equivalent to 70.0% in volume and 75.7% in value.

According to statistical reports, in the first 10 months of 2023, it is estimated that there were 104,177 completely built-up cars imported into Vietnam, with a total turnover value of 2.448 billion USD. Thailand, Indonesia, and China are still the three countries where Vietnam imports the most cars.

According to auto market experts, it was predicted that the number of domestically manufactured, assembled cars and especially imported cars would tend to increase sharply in October because the market is starting to enter the last quarter, which is also the peak time of year.

In addition, many car manufacturers have continuously launched their new products in October. Notable mentions include Toyota Innova Cross, Peugeot 408, Honda CR-V, and VinFast VF6 electric model. The diversity in quantity models along with abundant supply is a positive signal that the car market will “accelerate” at the end of the year.

Vietnamnet / Translator: Hoàng Trúc
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