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Kia Morning is relatively struggling in the A-segment car segment. Photo: Toan Thien. |
Recently, Toyota Vietnam has officially introduced the Toyota Wigo 2023 to Vietnamese consumers after 4 months of waiting and 2 weeks of delay. In this comeback, Toyota Wigo still has 2 versions with slightly higher prices of 360-405 million VND and will directly compete with Hyundai Grand i10 and Kia Morning in the A-segment car segment.
A battle of incentives in the A-segment car segment
From the beginning of the year until the end of April, the A-segment car segment achieved a total sales of 3,342 cars and recorded the dominance in terms of sales of Hyundai Grand i10.
After Toyota Wigo, Honda Brio, and VinFast Fadil left the market, Hyundai Grand i10 gradually became the most popular name in the A-segment car segment and reached a sales milestone of 2,739 cars after 4 months.
Currently, many Hyundai dealerships are offering maximum cash incentives of 35 million VND along with gifts for Grand i10. For the hatchback AT version, the price of Hyundai Grand i10 at dealerships is at 400 million VND, which is lower than the listed price of the Toyota Wigo 2023 G version.
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Hyundai Grand i10 hatchback version has the highest incentives. Photo: TC Group. |
In the sedan version, Hyundai Grand i10 dealerships are offering a cash incentive of 30 million VND, lowering the price of the car from the listed price of 455 million VND to only 425 million VND in the early June period.
As for Kia Morning, when the competition in the A-segment car segment narrowed down to only 2 names, Kia’s small car still could not win against its fellow compatriot with relatively lower sales figures.
After the first 4 months of the year, the sales of Kia Morning in Vietnam reached 603 cars, which is less than the average figure of nearly 685 cars per month that its direct competitor Hyundai Grand i10 has in the same period.
This A-segment car was recently announced by Kia to have adjusted prices in the Vietnamese market. From the range of 389-454 million VND, the Kia New Morning now ranges from 369 million to 439 million VND, which is similar to the current listed price range of Hyundai Grand i10.
Through the discussion, sales consultants confirmed that the Kia Morning A-segment car has the same selling price in June as the adjusted price from the company. In addition, customers who buy the Kia Morning also receive some accessories such as floor mats and window tinting film.
Incentives for A-segment SUVs also reach tens of millions of VND
When returning to the Vietnamese market, the Toyota Wigo 2023 also has to compete with the A-segment SUV group with the presence of names such as Kia Sonet, Toyota Raize, and the latest “newcomer” VinFast VF 5 Plus.
Among them, Kia Sonet and Toyota Raize are two names competing closely in terms of sales, with sales figures of 2,610 cars and 2,188 cars respectively since the beginning of the year.
Kia Sonet is considered to have a slight advantage thanks to its diversity in pricing, ranging quite evenly across a total of 3 versions, in addition to being locally assembled.
As for Toyota Raize, Vietnamese customers only have a single version to choose from, while the difference between the prices in the range of 552-563 million VND of the imported Indonesian SUV model Raize only lies in the exterior color scheme.
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Toyota Raize and Kia Sonet are the models in the A-segment SUV segment in the Vietnamese market. Photo: Boi Ha. |
Similarly to the Kia Morning, Kia Sonet has just announced adjusted prices ranging from 519-579 million VND. Currently, the price of the Kia Sonet Premium version at dealerships is at 577 million VND, along with window tinting film, floor mats, and a rescue bag as a gift.
For the Luxury version of the Kia Sonet, the price at dealerships is 549 million VND, while the Deluxe version is priced at 519 million VND, similar to the listed price after adjustment.
Currently, the direct competitor Toyota Raize is being offered a cash discount of 20 million VND along with a package of accessories worth 10 million VND by dealerships. This program applies to all exterior options of the Toyota Raize available in the Vietnamese market.
Through the discussion, the sales consultant mentioned that the supply of Toyota Raize has significantly improved. Currently, customers can easily buy a car without having to purchase additional accessory packages or wait for a long time like in the previous period.
Meanwhile, VinFast VF 5 Plus temporarily recorded 36 cars delivered to Vietnamese customers in the month of April. The electric car model in the segment is listed at 458 million VND without the battery, and increases to 538 million VND if customers choose to buy it with the battery.
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VinFast VF 5 Plus recorded 36 cars delivered in the first month. Photo: Boi Ha. |
However, many sales consultants are offering VinFast VF 5 Plus with a starting price of only 428 million VND, which is a 30 million VND discount compared to the official listed price. Compared to the Toyota Wigo 2023, the price of the VinFast VF 5 Plus is still slightly higher, but in return, the Toyota hatchback has a disadvantage in terms of interior space.
Opportunities for Toyota Wigo 2023
In terms of pricing, the Toyota Wigo 2023 is the most affordable A-segment car in the Vietnamese market. This factor can become an advantage for Wigo in its second attempt to win over Vietnamese consumers.
As mentioned, the Kia Morning, after being updated with new prices, is still priced at 369 million VND for the manual version, which is still higher than the starting price of 360 million VND for the Toyota Wigo 2023. In the segment, only the Hyundai Grand i10 standard hatchback manual version has an equivalent listed price to the Wigo 2023 E version.
Meanwhile, the price of 405 million VND for the G version of the Wigo can be considered the most attractive in the current segment when considering the newly added safety features such as ABS brakes, EBD, BA, electronic stability control, traction control, hill-start assist, blind-spot warning, and rear cross-traffic alert.
With the last two features, the Toyota Wigo 2023 is the first car in the segment to have these safety technologies.
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Toyota Wigo 2023 has increased prices compared to the previous generation but has upgraded safety equipment. Photo: Boi Ha. |
With an attractive listed price and outstanding safety features, the Toyota Wigo 2023 is expected to change the landscape of the A-segment car segment, which is currently just a boring dual race with the dominance of the Hyundai Grand i10.
On the other hand, the A-segment has been losing its appeal after VinFast Fadil’s exit. For the service-running customer group, 7-seater MPVs or even electric cars are more suitable options than small and cheap cars. For the family customer group, A-segment SUVs or B-segment sedans are becoming more suitable for first-time car buyers, instead of small and cheap cars as it used to be.
Let’s wait and see if Toyota Vietnam and its dealerships will offer incentives for the Toyota Wigo 2023 like they did with the Toyota Vios 2023. If they do, there is a high chance that the Wigo 2023 will explode in sales similarly to the achievements that VinFast Fadil made thanks to its advantage in terms of pricing.
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