Toyota Vietnam (TVN), the largest automaker in Vietnam, recently announced price reductions of several sedan models, including Corolla Altis, Vios and Zace GL, in an attempt to maintain its leading position in the country.
Under the new price list, the price of a Corolla Altis is lowered to US$35,500 from US$37,300, a Vios to US$25,500 from US$27,800 and a Zace GL to US$27,000 from 29,800.
Toyota’s move has shocked the country’s auto market and lead to price reductions of its rivals, which used to claim that car prices in 2006 must be higher than those in 2005.
Previously, TVN also said that it would increase its car prices by between US$2,500 and US$7,000 each depending on the models due to a new rise in the special consumption tax imposed on sedans to 50 per cent from 40 per cent.
The price reduction is in line with Toyota Global Project when it introduces competitive vehicles in Vietnam, TVN said, adding that cutting price is the right trend if automobiles manufacturers want to survive the fierce competition here.
Of the Vietnam Automobile Manufacturers Association (VAMA) members, Mitsubishi and Mercedes-Benz have increased their prices while other memebers like GM-Daewoo, Ford and Mazda said they will introduce price cuts or rises this month.
In 2005, Toyota Vietnam sold 11,813 automobiles, a 29 per cent increase on-year, holding 33.5 per cent of the market share.
The northern Vinh Phuc province-based Toyota Vietnam, which began operations in 1995, is now selling Innova, Land Cruiser, Zace, Vios, Vios Limo, Corolla Altis, Corolla J, Camry 3.0, Camry 2.4, Hiace Commuter and Hiace Van in Vietnam.
P.V
Vietnamese
