Automobile market forecast to boom for remainder of 2019

02-Nov-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The latest edition of the Vietnam Motor Show attracted a record number of visitors, improving the overall outlook of the local consumption market for vehicle manufacturers, especially given the current economic growth momentum.

With over 206,100 visitors and the participation of 15 car brands and nearly 200 suppliers at Vietnam Motor Show 2019, which concluded last week, the local automobile market is expected to see a boom in car sales for the rest of the year.

The positive outlook of the market has encouraged automobile brands and firms to expand their operations and map out new plans for development in the coming months.

Some 20 new models or new versions of vehicles were introduced at the event, drawing the attention of a number of customers and car lovers.

Automobile consumption increased strongly over the January-September period compared with the figure seen in the same period last year, showing positive signs for the further growth of the sector for the rest of the year.

According to the Vietnam Automobile Manufacturers Association, its members sold over 230,000 automobiles of all types in the nine-month period, up 18 percent year-on-year.

Many car traders and experts predicted that automobile sales may exceed 350,000 units by the end of the year, beating the record seen in 2016, when 304,000 cars were sold.

Vietnam Motor Show 2019, now in its 15th season, played a role in boosting traders’ car sales, driving the growth of the automobile industry up.

Audi Vietnam reported that this was the first time the brand had attended this event since it entered Vietnam, showcasing as many as six new models.

Audi Vietnam’s sales exceeded its target, with 108 vehicles ordered at the event, according to the firm.

At the expo, a series of new versions of cars were introduced to stimulate consumption. G 63 AMG and GLE 450 4MATIC vehicles were the highlights for Mercedes-Benz, while Lexus launched the latest version of the RX and GX car models, contributing to diversifying customers’ options.

In addition, Land Rover from the United Kingdom brought to the event the Range Rover Evoque model.

https://english.thesaigontimes.vn/72403/automobile-market-forecast-to-boom-for-remainder-of-2019.html

 

Category: Business, Vietnam

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