Cars shockingly reduced in price by nearly 200 million in July

A series of car manufacturers have launched shocking discount programs to stimulate shopping. Some car manufacturers have reduced prices by nearly 200 million VND/car to attract the attention of Vietnamese customers.

In July, many car manufacturers in Vietnam continued to launch preferential policies and reduce car prices to stimulate market demand.

Specifically, Japanese car manufacturer Mitsubishi has made a strong move to reduce the price of the Mitsubishi Pajero 3.0 model, with a reduction of 164 million VND. The current selling price of the Mitsubishi Pajero 3.0 at dealers has decreased from 2.12 billion VND to 1.955 million VND. Reducing nearly 200 million VND at once for a car model is considered a bold move by the Japanese manufacturer.

Gonda Odyssey model has a discount of 200 million VND.

In addition to the Pajero model, many other Mitsubishi models maintain the same June discount. Specifically, the Pajero Sport model is reduced from 50-106 million VND for 2 versions of the car. The Mitsubishi Outlander model is reduced by 90 million VND directly on the selling price of the car for 2 versions 2.0 CVT and 2.4 CVT. The Triton pickup truck is reduced by up to 60 million VND depending on the version. The Mitsubishi Mirage model is reduced by 50 million VND for both versions. Some other Mitsubishi models such as Pajero and Outlander Sport are not directly discounted but are given gifts worth 48 million VND.

In addition to Mitsubishi, the Vietnamese auto market is also witnessing a price reduction race among a series of other car manufacturers.

In July, Honda surprised its competitors by reducing the prices of many car models, including one model with a reduction of up to 200 million VND. The car model with a reduction of 200 million VND is the Honda Odyssey. The Honda CR-V continued to be adjusted to reduce by another 10-20 million VND compared to the reduction in June. The C-class Honda Civic Turbo also received a reduction of 60 million VND. The Honda Accord received a reduction of 100 million VND. Finally, the Honda City 2017, a new model introduced in mid-June, has a cash reduction of 10-20 million VND.

Mazda also reduced prices for many models. Specifically, the AT 2.5L version was reduced from 929 million VND to 899 million VND. The 2.0L version was reduced from 945 million VND to 915 million VND.

The price of the 2.0L Premium version has also been reduced from VND999 million to VND969 million. The price of the 2.5L Premium version has been adjusted from VND1.165 billion to VND1.125 billion.

In addition, other car manufacturers such as Toyota, Kia, Hyundai... also offer many discount programs to compete.

Since the beginning of the year, the Vietnamese automobile market has witnessed many shocking price reductions from automakers, however, the sales of these automakers have not been very positive. VnExpress newspaper published a report from VAMA showing that in the first half of 2017, Lexus sold 480 cars, down 60% compared to the same period in 2016 (1,171 cars). Sales of large cars with engines over 3 liters from Audi also decreased by 20-30%. Porsche Vietnam said that in the upcoming batch of cars delivered to customers, only 2-3 cars will have engines over 3 liters, the rest will be 3 liters. The sales from Mercedes' largest cars will also be replaced by versions with smaller engines.

Regarding the price reduction of car manufacturers, Tuoi Tre newspaper reported that according to many experts in the auto industry, the psychology of waiting for tax reduction after 2018 is the main reason for the sluggish market and a series of promotional programs, gifts, and accessories for customers buying cars in recent times are ways to revive sales of car manufacturers.

According to the marketing director of a member of the Vietnam Automobile Manufacturers Association (VAMA), the stimulus policy in the past was part of the business plan. Some companies only did advertising to let potential customers know, while others did mass media programs and encouraged dealers to sell at very low prices... because most customers have the mentality of waiting until the tax is reduced to 0% according to the ASEAN integration commitment in 2018 to buy a car.

According to Life & Law