The auto market is showing bad signs showing a decline in sales. Most different brands offer huge incentives to encourage customers, but Ford has its own path.
Market price situation of Ford car company
Contrary to the price reduction strategy of Mazda, Mitsubishi, Toyota, Nissan, Honda or Volkswagen, from April Ford increased the prices of some of its SUVs and MPVs. According to information from a sales consultant at a Ford dealer in Hanoi, this increase is from 10 – more than 50 million VND depending on the line and version.
Specifically, the increases for each Ford car model are as follows:
+ The highest increase is for the car model Ford Explorer with an increase of up to 40 million VND. Accordingly, after the increase, Explorer’s listed price will be 2,439 billion VND. The car model currently distributed in Vietnam has only one version. This is the second price increase for Explorer, the first increase was in April 2022. The initial price when the car goes on sale in January 2022 is 2,366 billion VND. The car is imported completely from the US. After the price increase, the Ford Explorer has the same selling price as the Volkswagen Teramont when it first launched.
+ Ford Everest has the second highest increase and increases unevenly between versions. The Titanium+ 2.0L AT 4×4 version increased by 16 million VND, bringing the car price to 1,468 billion VND. The Titanium 2.0L AT 4×2 version increased by 13 million VND, the new price will be 1,286 billion VND. Particularly, the Sport 2.0L AT 4×2 version increased by 12 million VND. The Ambient 2.0L AT 4×2 version retains the old price of 1,099 billion VND.
+ Located in the 7-seat SUV segment, Ford Everest 2023 continue to compete directly with rivals such as Toyota Fortuner, Hyundai Santafe, Honda CRV, Kia Sedona,…
+ On the brother’s side Ford TerritoryAlthough it was just launched last December, this rookie also showed its appeal when in the last 2 months of 2022, this SUV model brought in 2059 sales, accounting for about 14% of the C-segment market share. SUVs are already familiar with names like Honda CR-V, Mazda CX-5 or Hyundai Tucson.
This car model still maintains its current form, promising to become the main car line of the company and segment. The most advanced Titanium X version increased in price to 19 million VND, bringing the car price to 954 million VND. The Titanium version increased by 10 million VND, the new price will be 909 million VND.
Causes of price increase
Many studies suggest that the global semiconductor chip shortage is devastating the auto industry and contributing to the reason for current increases in car prices. Based on analysis by experts, it is predicted that Ford will lose about 2.5 billion dollars this year. This may be considered one of the reasons why Ford decided to increase car prices.
Ford is temporarily halting production and closing eight of its plants in the United States, Mexico and Canada. Affected product lines include the Ford Mustang, Ford F150 and the Bronco sporty SUV.
Almost all of Ford’s rebates and incentives for 2021 models have also been eliminated. According to the report, Ford will now offer a simpler and more consistent promotion.
