Japan’s automobile powerhouse Mitsubishi still treats the Philippines as an important market, airing an optimistic view of the Philippine automotive industry in the years to come.
During a press conference on Thursday at Mitsubishi Motors Philippines Corporation’s 60th anniversary at the World Trade Center in Pasay City, MMPC’s president and chief executive officer Takeshi Hara said car sales in the Philippines could hit the 1 million mark within the decade.
It’s enough to make the Philippines one of the most important markets for the Japanese carmaker.
“In the future, (it’s) easy we can surpass 500,000 (unit sales). Maybe within a decade, maybe within five or six (years), it may reach 1 million,” he said.
Further, Hara said MMPC is eyeing to increase its market share in the country to 18 percent this year compared to 16 percent in 2022.
“We are aiming to hit at least 18 percent. So far, year-to-date, we’re ahead of that now,” MMPC field operations group first vice president Jack Ramirez said.
Putting into figures, Ramirez said this would result in at least 75,000 unit sales for 2023, or around 24 percent higher than the 60,630 vehicles sold last year.
And with the country’s population and economic performance, Hara said the “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.”
The MMPC Expo at the World Trade Center kicked off on Thursday and will run until 13 August 2023 to showcase its latest auto models.
MMPC is the Philippine manufacturing and sales subsidiary of Mitsubishi Motors Corporation and has business relationships with 70 suppliers and 26 dealer groups in the country.
Under the philosophy of “Life Made Better,” MMPC has been developing its manufacturing and sales business, intending to enrich the lives of its customers through vehicles.
