Stocked for 2 years, Kia Sorento has to reduce price by hundreds of millions of dong to clear stock
At many dealers, the 2022 Kia Sorento D-class SUV is being heavily discounted, only from 1.029 - 1.129 billion VND, to clear inventory.
While Ford Everest and Hyundai Santa Fe are doing quite well in the Vietnamese market, Kia Sorento's sales story is not as smooth as its competitors.
The Korean SUV model was once popular and became a sales phenomenon in the D-class SUV segment when it launched a new version in 2020. But not long after that, Santa Fe and Everest were also upgraded to a completely new generation of products, causing Sorento to gradually fade away.
Combined with the fact that the first quarter of 2024 market continues to show signs of declining business results; making the Kia Sorento one of the rare models with inventory up to 2 years (still has VIN 2022 for the hybrid version).
This has forced some dealers with remaining inventory to offer a discount of VND120 million on the listed price to clear inventory and save capital. Thus, consumers now have the opportunity to buy Kia Sorento Hybrid Premium and Hybrid Signature VIN 2022 for VND1.029 billion and VND1.129 billion, respectively.
Compared to its direct competitor Hyundai Santa Fe Hybrid (listed price 1.369 billion VND, but with a discount of 100 million VND); the Sorento, although 2 years older than the product, has a better price of 340 million VND. The Honda CR-V e:HEV RS version using a hybrid engine, which was just launched last year, is also priced at 1.259 billion VND - 230 million VND higher than the Sonrento Hybrid VIN 2022.
Compared to the best-selling model in the segment, the highest-end Platinum version of the Ford Everest; the price of the Kia Sorento Hybrid Siganture VIN 2022 also differs by 416 million VND (1.545 billion compared to 1.129 billion VND). While the Everest sells very well and has no inventory, the business picture of the Sorento Hybrid is completely opposite.
In fact, the hybrid versions of crossover models in Vietnam today all have prices that are hundreds of millions of VND higher than versions equipped with internal combustion engines, which often have the highest selling price; making this product line the most difficult to compete with in the segment and quite picky about customers.