Many Toyota models receive double incentives, cash discount plus 50% registration fee discount

In the context of the Government's policy of supporting registration fees for domestically assembled vehicles, which has been officially issued and taken effect since early September 2024. Car manufacturers continue to launch promotional programs to stimulate demand, not only applied to domestically assembled vehicles, but also to imported vehicles.

Specifically, many Toyota dealers in Hanoi have implemented discount programs for many car models such as: Vios, Avanza, Veloz, Yaris Cross and Fortuner.

Specifically, Toyota Vios with a listed price of 458-545 million VND is reduced by about 20-25 million VND. The two MPV models Avanza and Veloz have the deepest discounts of 45-49 million VND. Meanwhile, the crossover model Yaris Cross is reduced by 30-35 million VND.

In addition to incentives from the manufacturer, dealers can offer additional discounts to customers depending on the level of interest and negotiation of the buyer. For example, giving customers additional accessory packages such as genuine glass stickers, floor mats, and dash cams.

According to Mr. Ngoc, a sales consultant at a Toyota dealership in the My Dinh area, "Domestically assembled cars are being offered attractive discount programs by dealerships, and customers are closing deals very quickly because the government is currently supporting 50% of registration fees for assembled cars."

Mr. Ngoc added: "Even car models that are not on the list of government support are also discounted by dealers to stimulate demand from customers. For example, Toyota Fortuner is reduced by 45-50 million depending on the version. Toyota Corolla Cross is reduced by 25 million for the version using traditional gasoline engine, the Hybrid version is reduced less due to the limited number of cars, customers have dealer demand with orders from the factory."

As of August 2024, Toyota still leads the passenger car market with 33,687 vehicles sold, including the Lexus brand. However, by the end of 2023, the Japanese automaker sold 59,207 vehicles in the entire market.

Among the car models, Vios is still the best-selling model in August 2024 with 1,010 units, accounting for 21.21% of Toyota's total sales. However, Vios's position as "king of the segment" may face many obstacles, as its main competitor, Hyundai Accent, has launched a completely new generation. It is known that the August 2024 sales of the B-class car from Korea were 937 units, only 73 units less than Vios.

In the small MPV segment, Avanza and Veloz, despite being deeply discounted, only sold 538 cars in August, half of the 1,003 cars sold by Mitsubishi Xpander. Similarly, Yaris Cross is also behind Mitsubishi Xforce in the B-size crossover segment. Hopefully, after the September 2024 price reduction, Toyota's two MPV models will have better sales, creating a balanced position compared to its rival Mitsubishi Xpander.

Promotional programs for Vios, Avanza, Veloz and Yaris Cross models are not only aimed at increasing sales but also to attract customers in the final stage of the year, when shopping demand begins to increase. Besides Toyota, many other car manufacturers such as Honda, Mitsubishi, Hyundai, Ford are also implementing discount incentive programs and giving away additional accessory packages for customers.