According to a report by the Vietnam Automobile Manufacturers’ Association, 71 units of the Toyota Land Cruiser were sold nationwide in July 2024. Since the beginning of the year, a total of 352 units have been delivered to customers. Notably, April 2024 witnessed a record-high monthly sales figure of 95 units.
Toyota Land Cruiser remains a sought-after model, whether new or pre-owned.
While this sales figure may not be impressive compared to some of the best-selling models in Vietnam, it is noteworthy considering the vehicle’s price tag of over VND 4 billion, excluding the premium that can reach hundreds of millions of dong.
In fact, several models that one would expect to perform better in the market, such as the Honda Civic (60 units sold), Kia Morning (54 units), and Mazda6 (42 units), fell behind the Land Cruiser in terms of July 2024 sales figures.
Toyota Land Cruiser’s sales performance in Vietnam for 2024. Data source: VAMA
Furthermore, the 2024 Toyota Land Cruiser, often referred to as the LC300, has consistently commanded a significant premium since its launch. Speaking to a sales consultant at a Toyota dealership in Hanoi, they shared: “The LC300 is a model that has always demanded a premium. At the moment, that figure stands at around VND 700 million. After the seventh lunar month and as we approach Tet, this amount will only increase and could reach VND 1 billion.”
The sales consultant also added that the dealership does not have a large stock of this model, and any available units are quickly snapped up by waiting customers. As a result, those seeking immediate delivery are often faced with long wait times and still have to pay the premium.
According to the Toyota Vietnam website, the Land Cruiser is priced at VND 4.286 billion, with an additional VND 11 million for the pearl white color option. The vehicle is powered by a 3.4L V6 gasoline engine producing 409 horsepower and 650 Nm of torque, paired with a 10-speed automatic transmission and four-wheel drive.
Reason for a sharp decline in imported cars in Vietnam
In January, car sales in Vietnam reached only 19,243 units, half of the previous month. This decline can be attributed to many individuals tightening their spending and focusing on Tet holiday shopping.
Car consumption plummets, multiple models fail to sell any units
In February, members of the Vietnam Automobile Manufacturers Association sold 8,099 passenger cars, a decrease of 45% from the previous month; commercial vehicles had 4,478 units, a decrease of 21%; and specialized vehicles sold 56 units, a decrease of 48%.
Many dealerships continue to struggle with bloated inventories
Amidst the dwindling sales of automobiles in the Vietnamese market, manufacturers and distributors alike are scrambling to clear their inventories, particularly for models manufactured in 2023.
