Warning for the Mercedes Tycoon in Vietnam: MG Grew by 242% Thanks to Low Prices but This Year ‘Is Not as Dreamy’ Due to BYD, Vinfast, LynkCo, Wuling

In 2024, MG reported a 242% increase in car sales compared to 2023, reaching 13,117 units, due to its low-price strategy and extensive showroom network in tier-2 and tier-3 markets. These factors helped MG outperform many competitors in a market that only grew by 2.5%. Haxaco, MG’s distributor, also saw record profits, but VDSC warns that MG’s growth may slow down in the future due to lack of industry support and competition from electric vehicle manufacturers like BYD, Vinfast, LynkCo, and Wuling. MG is currently facing risks of reduced profit margins and maintaining market share. Haxaco projects profits for 2025 may not increase from 2024, estimating at 260 billion VND.