Hybrid cars are racing to cut prices in Vietnam: Many models are now priced similarly to gasoline cars in the same segment, with some seeing discounts up to 220 million VND

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One of the reasons for the significant increase in hybrid car sales is the price adjustments made by manufacturers and dealers, making these vehicles more accessible.

The Vietnamese hybrid car market achieved an impressive growth rate of 3.1% in May 2024 with a total of 929 units sold. Although this is not a large number compared to gasoline vehicles, it is an encouraging result for a segment that has traditionally been less popular due to high prices and consumer hesitation. However, the situation has changed as these vehicles are now benefiting from substantial discounts from manufacturers and dealers.

Hyundai Santa Fe Hybrid

From June 18, along with some other models in the lineup, the Hyundai Santa Fe saw price reductions ranging from 50 to 100 million VND. The hybrid variant experienced the highest reduction, up to 100 million VND, bringing its price down to 1.269 billion VND, slightly lower than the Ford Everest Titanium 2.0L AT 4x2 (1.299 billion VND).

Toyota Corolla Cross Hybrid

The 2024 Toyota Corolla Cross was newly launched in May 2024. One notable highlight of this event was the retail price, which is cheaper than the previous version. Specifically, the hybrid variant is priced at 905 million VND, a 50 million VND reduction from before.

In reality, when the car was first launched, there was a "bundling" situation where customers had to pay extra to get the car early. However, compared to the 50 million VND reduction, the additional 10-15 million VND was still acceptable to many. This might be one of the reasons why this model led the B/B+ SUV segment in May 2024. Moreover, the sales figure of 996 units is particularly impressive given that only 14 units were sold the previous month. The hybrid variant also made a significant contribution, with 208 units sold.

Kia Sorento Hybrid

This is a unique model in the list due to a substantial 120 million VND discount at dealerships for 2022 production models.

The remaining 2022 VIN Kia Sorento units at dealerships are mainly under the Hybrid Premium and Hybrid Signature variants. After the discount, these models are priced at 1.029 billion VND and 1.129 billion VND, respectively.

Despite the large discount, making it cheaper than the standard Everest (1.099 billion VND), the Sorento hybrid is not considered very attractive. The post-discount price is only slightly lower than the Santa Fe hybrid, while the production year is much older.

Nissan Kicks

Originally one of the most expensive models in its segment, many dealers are now offering Nissan Kicks with discounts of up to 220 million VND. The highest-spec V variant is now priced at 638 million VND at dealerships, compared to the initial list price of 858 million VND.

Thus, the top-spec Nissan Kicks is now cheaper than the lowest-spec Toyota Yaris Cross (650 million VND) and the discounted Honda HR-V (listed at 699 million VND, discounted to 665 million VND). This price is comparable to the mid-low trims of rival models such as the Seltos, Creta, or Xforce.

Haval H6

Also among the most expensive hybrids in its segment, the Haval H6 has become more competitive with lower-segment models in terms of price.

A sales consultant stated that buyers of the Haval H6 HEV in June only need to pay 840 million VND. Thus, the price at the dealership is 146 million VND lower than the manufacturer's suggested price.

This price is slightly lower than the Mazda CX-5 2.0L Premium Sport (849 million VND) while offering a fuel-efficient drivetrain and a larger size. Compared to the Honda CR-V e:HEV RS (1.264 billion VND), the Haval H6 is much cheaper, with a difference of 424 million VND.

Suzuki Hybrid Ertiga

In June, Suzuki offered promotions on several models, with the highest cash equivalent discount for the Hybrid Ertiga, up to 89 million VND. With this discount, the Suzuki Hybrid Ertiga is priced at 449 million VND for the MT version and 519 million VND for the AT version. Thus, the starting price of the Hybrid Ertiga is now 189 million VND lower than the listed price of the standard Toyota Veloz Cross.

Toyota Yaris Cross

First launched in September 2023, the Toyota Yaris Cross initially had unimpressive sales due to its high price in the B/B+ SUV segment, at 730 million VND for the gasoline version and 838 million VND for the Hybrid version.

In 2024, the manufacturer adjusted the list price, reducing it by 73-80 million VND, to 650 million VND and 765 million VND, respectively. As a result, the sales of the Toyota Yaris Cross quickly improved over the months. In Q1/2024, 1.155 units were sold, ranking fourth in the segment. By April 2024, the Yaris Cross became the best-selling model in the segment with 882 units sold. In May, this model was only surpassed by its sibling, the Corolla Cross, with 902 units sold.

Original article and pictures by AutoPro