Mitsubishi Motors Philippines Corp. (MMPC) expressed confidence that the domestic industry can sell a million units in just a decade or in five to six years, at the earliest, as the country is becoming one of the most important markets in the ASEAN region.
MMPC President and CEO Takeshi Hara made his prediction during a press conference at MMPC’s 60th Anniversary on Thursday, Aug. 10 at the World Trade Center, which highlighted the company’s 1.2 million sales volume and 800,000th production milestones in the country in the past 60 years.
“Philippines is one of the most important markets actually, profit wise, volume wise, service, and manufacturing, so because of that this country has great potential for growth,” said Hara citing the country’s 110 million population with a very young average age of 24.
Also boosting his confidence is the domestic economy’s strong growth driven by the overseas Filipino workers, the BPO sector and other industries such as tourism and manufacturing.
Hara said that total industry volume is expected to hit 420,000 to 430,000 before surpassing 500,000 units. “Maybe within the decade, maybe within five or six it may reach one million units,” he said.
“So, towards the future, I think Philippines will become one of the most important markets in ASEAN and all over the world,” he said. For MMPC, he said, its growth will be bolstered by a very “great strong network, sales, services, and after service.”
For its part, MMPC is targeting minimum total sales volume this year of 75,000 units, increasing their market share to 18 percent from 15 percent last year amid rebounding domestic automotive sector.
Jack S. Ramirez, Jr., MMPC first vice-president for sales and marketing, said this during a press conference for MMPC’s 60th Anniversary on Thursday, Aug. 10, which highlighted the company’s 1.2 million sales volume and 800,000th production milestones in the country.
So far this year, MMPC sales already reached 60,630 units for a 16 percent market share. But, MMPC is targeting to sell a minimum of 75,000 units to ensure 18 percent share of the 420,000-unit sales target set by the domestic industry for this year.
Over the years, the company’s sales performance has been comprised largely by its best-selling multi-purpose vehicle brand Mitsubishi Xpander, sedan model Mirage, sports utility vehicle Montero, and pick-up truck Strada and its utility vehicle L300. Its iconic L300 has been relaunched into Euro 4 compliant.
At the 60th Anniversary Export at the World Trade Center, MMPC presented a preview launch for XRT. Its new pick-up model Triton, a replacement to Strada, is set for launch early January 2024.
Triton is touted for its aggressive styling, enhanced power and features, but is being marketed for both business and personal use.
The company is also looking at electrified models in the near future, but is still looking at what EV model to introduce locally.
MMPC also noted that the government is becoming more aggressive in promoting EV in the Philippines. This makes the Japanese carmaker to continuously study what to bring to Philippine customers.
In the same presscon, MMPC Vice-President Emilia Abadilla Brown said they have accomplished most the programs in the investment for the Comprehensive Automotive Resurgence Strategy (CARS) Program.
The pandemic, however, has derailed the production of cars under the six-year program, but which was extended by President Marcos for five more years to give more time for the participants to comply with their commitment.
CARS is an incentive-driven car manufacturing program to entice car companies to invest for the local production of 200,000 units for a specific car model over a six-year period.
MMPC started program we have accomplished most of programs in the investment side and is committed to comply with the remaining production volume.
MMPC is producing the Mirage and G4 model for the CARS program.