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Kia Morning is currently facing challenges in the A-segment car market. Photo: Toan Thien. |
Recently, Toyota Vietnam introduced the Toyota Wigo 2023 to Vietnamese consumers after a 4-month wait and a 2-week delay. The Toyota Wigo still comes in two versions with slightly higher prices ranging from 360-405 million VND. It will directly compete with Hyundai Grand i10 and Kia Morning in the A-segment car market.
A fierce battle in the A-segment car market
From the beginning of the year until the end of April, the A-segment car market achieved a total sales of 3,342 cars, with Hyundai Grand i10 dominating the sales.
After Toyota Wigo, Honda Brio, and VinFast Fadil exited the market, Hyundai Grand i10 gradually became the most popular choice in the A-segment car market. After 4 months, Hyundai Grand i10 sold 2,739 cars.
Currently, many Hyundai dealerships are offering cash incentives of up to 35 million VND and gifts for Grand i10. The price of the hatchback AT version at Hyundai dealerships is 400 million VND, lower than the listed price of the Toyota Wigo 2023 G version.
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Hyundai Grand i10 hatchback version offers the highest incentives. Photo: TC Group. |
In the sedan version, Hyundai Grand i10 dealerships are offering a cash incentive of 30 million VND, reducing the price of the car from the listed price of 455 million VND to only 425 million VND in early June.
On the other hand, Kia Morning is struggling to compete with its compatriot Hyundai Grand i10 in terms of sales numbers.
After the first 4 months of the year, Kia Morning sold 603 cars in Vietnam, which is less than the average of nearly 685 cars per month sold by Hyundai Grand i10 during the same period.
Kia recently announced price adjustments for the Vietnamese market. The Kia New Morning now ranges from 369 million to 439 million VND, similar to the current listed price range of Hyundai Grand i10.
Sales consultants have confirmed that the selling price of the Kia Morning in June is the same as the adjusted price announced by the company. Additionally, customers who buy the Kia Morning also receive some accessories such as floor mats and window tinting film.
Incentives for A-segment SUVs reach tens of millions of VND
Upon its return to the Vietnamese market, the Toyota Wigo 2023 also faces competition from the A-segment SUV group, which includes Kia Sonet, Toyota Raize, and the latest addition, VinFast VF 5 Plus.
Among them, Kia Sonet and Toyota Raize are competing closely in terms of sales, with figures of 2,610 cars and 2,188 cars respectively since the beginning of the year.
Kia Sonet has a slight advantage due to its diverse pricing, with a total of 3 versions offered and local assembly.
On the other hand, Vietnamese customers can only choose a single version of the Toyota Raize, and the only difference in the price range of 552-563 million VND lies in the exterior color scheme.
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Toyota Raize and Kia Sonet are the models in the A-segment SUV market in Vietnam. Photo: Boi Ha. |
Similarly to the Kia Morning, Kia Sonet has recently announced adjusted prices ranging from 519-579 million VND. The price of the Kia Sonet Premium version at dealerships is currently 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.
Toyota Raize is currently offered with a cash discount of 20 million VND and 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.
According to sales consultants, the supply of Toyota Raize has significantly improved. Customers can now easily buy a car without having to purchase additional accessory packages or wait for a long time as in the previous period.
VinFast VF 5 Plus, with a total of 36 cars delivered in April, is listed at 458 million VND without the battery. The price 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 the VinFast VF 5 Plus with a starting price of only 428 million VND, 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 slightly higher, but the Toyota hatchback has a disadvantage in terms of interior space.
Opportunities for the Toyota Wigo 2023
In terms of pricing, the Toyota Wigo 2023 is the most affordable A-segment car in the Vietnamese market. This factor may give Wigo an advantage in attracting Vietnamese consumers.
As mentioned, the Kia Morning’s updated prices still place it at 369 million VND for the manual version, which is higher than the starting price of 360 million VND for the Toyota Wigo 2023. Only the Hyundai Grand i10 standard hatchback manual version has an equivalent listed price to the Wigo 2023 E version.
On the other hand, the price of 405 million VND for the G version of the Wigo is considered the most attractive in the current segment, especially 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.
The Toyota Wigo 2023 is the first car in the segment to have these safety technologies.
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The 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 make waves in the A-segment car market, which is currently dominated by the Hyundai Grand i10.
On the other hand, the A-segment market has been losing its appeal after the exit of VinFast Fadil. Service-oriented customers are now leaning towards 7-seater MPVs or electric cars, while families are considering A-segment SUVs or B-segment sedans as better options for first-time car buyers.
Let’s wait and see if Toyota Vietnam and its dealerships will offer incentives for the Toyota Wigo 2023, similar to what they did for the Toyota Vios 2023. If so, there is a high chance that the Wigo 2023 will achieve impressive sales figures, just like VinFast Fadil did thanks to its competitive pricing.
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