Vietnam's cheapest EV even cheaper

By Pham Trung November 15, 2023 | 05:52 pm PT

Wuling Hongguang Mini EVs, already the cheapest electric vehicle (EV) on the market at VND239 million (US$9,500), is now VND15 million cheaper.

The car market is currently saturated with discounts of hundreds of millions of dong at dealerships throughout Vietnam, so the Hongguang Mini EV needs the price cut to attract more customers and compete with other models that are already on sale, according to a representative of a car showroom in Thu Duc City.

Sellers are trying to make Wuling Hongguang Mini EV more competitive by cutting the price by VND10-15 million, either through discounts or vouchers.

Launched at the end of June, these EVs arrived at dealerships as recently as mid-November. Assembled at carmaker TMT Motors' factory in Hung Yen, Hongguang Mini EV was granted a 50% reduction in registration fee.

Hongguang Mini EV has so far pioneered the mini car segment in Vietnam, but it will soon face competition from local carmaker VinFast’s VF 3.

In Vietnam, the Hongguang Mini EV is available in two versions – standard (LV1) and advanced (LV2) – both with a customizable battery capacity and a range of 120-170 km.