The domestic auto market has seen an impressive recovery with rising revenues in recent months. Automakers have launched many new products and offered preferences to boost sales.
Subaru Forester saw the biggest price drop. The price of a 2.0iL decreased by VND249 million from VND1.128 billion to VND879 million in the first week of October.
A price reduction of 200 million VND has been applied to 2.0iS EyeSight. The price is 1.088 billion VND instead of 1.288 billion VND, effective until October 31.
German manufacturer Volkswagen Passat’s D-segment sedan has seen its prices drop sharply to VND 200 million.
Volkswagen Passat entered the Vietnamese market in 2016 with prices ranging from 1.266 to 1.48 billion VND. It had to compete with Toyota Camry, Honda Accord and Mazda6 cars in the same market segment. However, sales are still well below Japanese brands.
Volkswagen Passat has ceased distribution in the country. Due to high inventories, sales agents had to lower prices to clear inventory.
During the first week of October, the Honda CR-V saw a price reduction of VND40-70 million on the E version, while a reduction of VND70-90 million was applied to the L version.
Meanwhile, other models are becoming more expensive due to a supply shortage.
Analysts estimate that the supply of auto parts for assembly and manufacturing will not stabilize until the following year.
Currently, automakers are relying on Chinese sources of supply, while China has yet to fully reopen.
At the same time, logistics costs have risen sharply, forcing manufacturers to adjust their selling prices.
Toyota Vietnam has raised the price by VND96 million for the Land Cruiser LC300. The full-size luxury SUV has the new retail price of VND4.196 billion, while the pearl white version is VND4.207 billion, applied since early October.
This is the second time the manufacturer has raised the price of the Toyota Land Cruiser LC300. An increase of 40 million VND was announced in May.
The prices of cars distributed by Thaco in Vietnam, such as Kia, Mazda and Peugeot, have also been increased. Kia Morning, Soluto, K3 and Carnival saw their prices increase by 5 to 40 million VND. A modest increase of VND 5 billion was also given to the Kia K5 2.0 Luxury.
According to the Vietnam Automobile Manufacturer Association (VAMA), 30,846 cars were sold in August.