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The automotive industry in Vietnam is witnessing an interesting shift with the introduction of electric vehicles and the rise of hybrid cars. Hybrid vehicles offer a compelling alternative to traditional gasoline-powered cars, boasting superior fuel efficiency and a more environmentally friendly profile. This trend is further bolstered by the emergence of electric cars, showcasing a diverse range of options for consumers.
In June, various hybrid models are being offered with significant incentives, ranging from different forms of support to outright discounts, with the highest reaching up to hundreds of millions of VND.
Nissan Kicks
Introduced to the Vietnamese market in November 2022, the Nissan Kicks stood out as a unique offering. With a starting price of 789 million VND for the base model and 858 million VND for the higher-end version, it was one of the few cars that primarily relied on an electric motor for propulsion, while the gasoline engine served to generate electricity for the motor. Nearly two years later, only the higher-end V version remains, priced at 858 million VND.
This June, Nissan is offering a generous support program for the Kicks and other models, covering 150% of the registration fee, resulting in a discount of approximately 128 million VND. However, some Nissan dealerships in Vietnam are taking it a step further by offering a staggering discount of 220 million VND, bringing the price down to 638 million VND. This aggressive clearance strategy has sparked rumors about the potential withdrawal of the Nissan Kicks from the Vietnamese market, although Nissan has not confirmed any such plans.
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Nissan Kicks benefits from substantial discounts. Image: Nissan. |
Suzuki Ertiga Hybrid
Unlike the Nissan Kicks, the Suzuki Ertiga Hybrid is experiencing a sweet start to 2024. In fact, it was the best-selling hybrid car in Vietnam in the first month of the year, outperforming competitors such as the Toyota Yaris Cross Hybrid, Honda CR-V Hybrid, Toyota Camry Hybrid, and Toyota Corolla Altis Hybrid. With a total of 427 units sold, it dominated the hybrid market.
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Suzuki Ertiga Hybrid was the best-selling hybrid car in Vietnam in January. Image: Suzuki. |
Suzuki continues to offer attractive incentives for the Ertiga Hybrid, following a similar strategy as with their other passenger car models. Throughout June, customers who purchase the Ertiga Hybrid in either the manual or automatic transmission version will receive support for 100% of the registration fee, along with preferential loan interest rates and fuel vouchers. The total value of these promotions amounts to 89 million VND, which can be converted into cash. As a result, the effective selling price of the Ertiga Hybrid is now 449 million VND for the MT version and 519 million VND for the AT version.
In the first five months of the year, the Suzuki Ertiga Hybrid sold 1,122 units, accounting for approximately 35.3% of Suzuki’s total passenger car sales in Vietnam.
Hyundai Santa Fe Hybrid
The Hyundai Santa Fe, distributed by TC Motor in Vietnam, is available in a total of six versions, with a starting price of 1.029 billion VND. Specifically, the hybrid version, equipped with a SmartStream G1.6T-GDI engine (180 horsepower and 265 Nm) coupled with a 60-horsepower electric motor, is priced at 1.369 billion VND.
Currently, all versions of the Hyundai Santa Fe are being offered with discounts ranging from 70 million to 100 million VND. The hybrid version benefits from the highest discount of 100 million VND, reducing the price to 1.269 billion VND.
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The Hyundai Santa Fe Hybrid is offered with a substantial discount of 100 million VND. Image: TC Motor. |
As of the end of May, TC Motor has chosen to report combined sales figures for all versions of the Hyundai Santa Fe, rather than providing separate data for the hybrid model. Therefore, a direct comparison of sales performance between the Hyundai Santa Fe Hybrid and its hybrid competitors in the Vietnamese market is not currently possible.
In the first five months of the year, the Hyundai Santa Fe sold a total of 1,546 units, averaging nearly 310 cars per month. There are rumors circulating about the upcoming launch of the new-generation Hyundai Santa Fe in Vietnam this year, but TC Motor has not yet confirmed this information.
The Hybrid ‘Pie’ in the Vietnamese Market
Excluding the Hyundai Santa Fe Hybrid, Haval H6, and Nissan Kicks due to a lack of detailed sales data, the Suzuki Ertiga Hybrid currently reigns as the best-selling hybrid car in Vietnam. With 1,122 units sold as of the end of May, it comfortably leads the Toyota Innova Cross Hybrid, which sold 625 units during the same period. The Honda CR-V Hybrid follows with 415 units sold, while the Toyota Yaris Cross Hybrid and Toyota Corolla Cross Hybrid trail with 286 and 233 units sold, respectively.
Overall, the Suzuki Ertiga Hybrid is the only hybrid model with somewhat acceptable sales figures in the Vietnamese market. However, when compared to other MPVs in the affordable segment, its performance falls short. For instance, the Mitsubishi Xpander sold 6,537 units in the first five months, the Toyota Veloz Cross sold 2,097 units, and even the Suzuki XL7, a larger MPV from the same brand, sold 1,752 units.
On the other hand, the Honda CR-V Hybrid, priced at 1.259 billion VND for the e:HEV RS version, faces a challenge due to its relatively high price tag compared to competitors in the same segment, such as the Mazda CX-5 (749-979 million VND), Hyundai Tucson (769-919 million VND), and Subaru Forester (969 million to 1.199 billion VND).
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