While the domestic automotive industry is still dominated by Japanese giants Toyota and Mitsubishi, Ayala Corp.’s ACMobility has been slowly gaining a bigger slice of the pie thanks to its Kia and BYD electric vehicle (EV) brands.
In its presentation to analysts, Ayala said ACMobility’s car sales volume jumped 46 percent in 2024 due to the combined 50 percent surge in BYD and Kia sales, offsetting the softness in Honda and Volkswagen.
Its total car sales rose to 23,483 units last year from 16,111 units in 2023, led by Kia Motors, which reported sales growth of almost 50 percent to 7,078 units from 4,729, and BYD, which sold 5,106 units from just 61 units in 2023.
Kia sales now account for 30 percent of ACMobility’s total sales, while BYD, after its recent entry into the local market, has a 22 percent share of the firm’s total.
On the other hand, sales of Honda, Volkswagen, and Maxus declined, while Isuzu’s sales were higher at 5,808 units from 5,628 units.
The firm said its volume growth is five times that of the industry, with a total market share up 120 basis points to 4.9 percent, while the NEV (new energy vehicle) market share surged to 82 percent from 18 percent.
Because of BYD, ACMobility holds the largest market share in the local NEV market at 85 percent. NEV sales accounted for 23 percent of ACMobility’s total sales.
The biggest drivers of sales are BYD Sealion 6, BYD Atto 3, and Kia Sonet, as eight new models were launched across different segments last year.
ACMobility installed 111 charging points in 2024, ending the year with 215 charging points in 86 locations nationwide. It is targeting 700 charging points by the end of this year.
While it is making inroads into the market, particularly with NEVs, ACMobility’s net loss rose to ₱465 million last year from ₱119 million in 2023 due to start-up expenses (on BYD, charging infrastructure, and Bosch), foreign exchange, and one-off costs, as well as closure costs in the two-wheel segment.