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The Wuling MiniEV is a compact electric vehicle that packs a punch. With its sleek design and impressive features, it’s ready to take on the Vietnamese market. |
On May 7, VinFast unveiled the VF 3, an electric vehicle positioned in the affordable mini segment, directly competing with the Wuling MiniEV from the SGMW joint venture (SAIC, GM, and Wuling). As Tri Thức – Znews surveyed, when the VF 3 was launched with its first promotional program, many Wuling dealers offered discounts on their flagship product in the Vietnamese market.
Prices Drop Below 200 Million VND
Specifically, when contacting a Wuling dealership in Ho Chi Minh City, a sales consultant mentioned that they are offering promotions on all variants of the Wuling MiniEV. The MiniEV 120 km version witnessed the highest reduction, ranging from 35 to 50 million VND. Consequently, the Wuling MiniEV 120 km Standard LV1, initially priced at 239 million VND, now costs 189 million VND after a 50 million VND discount. Similarly, the High-end LV2 trim, originally at 255 million VND, has been reduced to 220 million VND.
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The Stylish Wuling MiniEV in Action |
The Wuling MiniEV 170 km variant is currently in limited stock at the dealership, but it still benefits from discounts ranging from 20 million VND for the LV1 to 35 million VND for the LV2. Following these promotions, the Wuling MiniEV 170’s price now fluctuates between 219 and 247 million VND. The sales consultant also mentioned that these offers apply to the entire new MiniEV lineup with 2024 VINs. There is still a good supply of the 120 km range vehicles in stock, available in various colors.
Earlier this year, TMT Motors, the distributor of Wuling MiniEV in Vietnam, and its dealerships implemented promotional programs for the Wuling Hongguang Mini EV to stimulate consumer demand. The highest incentive offered was 40 million VND, bringing the selling price of the Enhanced 2 version down to 239 million VND.
Competing with Ride-Hailing Services
Apart from individual customer discounts, TMT Motors is also focusing on supplying this mini electric car to tourist destinations in bulk for start-up taxi companies. According to the manufacturer, over 30 Wuling electric mini-cars were delivered to a taxi company in Tuy Hoa (Phu Yen) in May. This company is the first in Vietnam to operate an electric taxi service using the Wuling MiniEV.
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The Taxi Company in Phu Yen Utilizing Wuling MiniEV – Image Source: Wuling EV |
After Phu Yen, this company plans to expand its electric taxi service using the Wuling MiniEV to famous tourist destinations such as Nha Trang, Quy Nhon, and Da Nang. Another business in Bac Ninh province has also partnered with TMT Motors to launch a similar electric taxi service using these mini cars to cater to local customers.
TMT Motors is also targeting corporate customers who may be interested in purchasing multiple vehicles to serve their employees or clients. To address concerns about the reliability of Chinese-made vehicles, the company even decided to “rebrand” the Wuling Hongguang Mini EV in Vietnam. They removed the Wuling branding from the rear of the car and instead used the acronym of the joint venture, SGMW, along with an American flag decal.
Navigating Through Challenges
The series of promotions, discounts, and even the name change that Wuling has implemented over time indicate that the Chinese automotive brand is determined to maintain its presence in the Vietnamese market despite numerous obstacles. Even when it had no direct competition, Wuling fell short of its sales expectations. In 2023, TMT Motors sold only 591 units of the Wuling MiniEV in Vietnam, equivalent to 10.6% of its planned sales volume.
The recent launch of the VinFast VF 3 has further intensified the competition for the Wuling MiniEV. With its competitive pricing and superior size and range, the VF 3 is poised to capture a more substantial market share in the near future. Additionally, VinFast’s extensive network of public charging stations is a significant advantage, especially for individuals living and working in apartments or office buildings who cannot charge their vehicles at home.
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The VinFast VF 3 – A Formidable Competitor |
While the future of the Wuling MiniEV in Vietnam may not be decided this year, as the VF 3 deliveries are expected to commence in August, it is evident that Wuling’s dream of “replacing motorcycles in Vietnam” has faded. Ironically, VinFast seems to be achieving this goal with the VF 3.
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