Quantcast
Latest Stories

Mitsubishi Motors launches Mirage, eyes PH expansion

By

Bullish on the Philippines, Mitsubishi Motors Corp. of Japan and its local unit are studying the local market and investment climate for expansion opportunities, officials said on Friday at the launching of its highly anticipated sub-compact model, the Mirage.

Motorization was “accelerating” in the country, Mitsubishi Motors Corp. president Osamu Masuko said, as increasing incomes boost consumer confidence to buy and maintain cars and other motorized vehicles. Further investments would be necessary to develop new models and add to the cycle of growth, he said.

Analysts said that the road to growth for vehicle manufacturers was in Asia as the recovery was either slow or stop-start in the United States, Europe and Japan.

The timing was right for the Mirage, he said, as the world market was geared toward smaller, higher-efficiency cars. This is the same trend emerging in Asia but the faster economic growth spurred Mitsubishi to launch the Mirage ahead of other markets. “After Asean countries, we will be going to Europe, Australia and then North America,” Masuko said.

The elimination of import duties on automobiles and parts under the Asean Free Trade Area scheme is also a “big help” to make the region more competitive. For the Mirage, which is manufactured in Thailand, the single market setup eased deliveries to neighboring countries like the Philippines, Masuko said.

In the Philippines, Mitsubishi Motors Philippines president and CEO Hikosaburo Shibata said the company was aiming to sell at least 500 units of the Mirage in a month. Orders have reached 2,500 units even before retail sales started during the weekend, he said.

Young workers, especially those in the high-growth BPO sector, young couples and even college-age youth who might influence car purchases for their household were the likely buyers of the Mirage, Shibata said.

In terms of sales of all its vehicles, Mitsubishi is targeting to beat this year its all-time high of 36,500 units, which was posted in 1996.

“GDP (gross domestic product, a measure of economic expansion) per capita is increasing,” Shibata said, adding that the resulting confidence among consumers to buy more products or to spend on bigger items like cars was a good sign for the company.

As the Philippine automotive market grows, fresh investments could be forthcoming in a few years, officials said. In the meantime, they said they were estimating the right timing by monitoring “signals,” including government support for the whole automotive industry. Depending on demand and the investment climate, Mitsubishi might even launch an electric vehicle, Masuko said.

Production of locally assembled units is also seen to increase, driven by the L-300 van, Adventure AUV (Asian utility vehicle) and Lancer sedan. These models are assembled at Mitsubishi’s facility in Cainta, Rizal. Overseas, Mitsubishi manufactures the Pajero and ASX in Japan, while its Thailand hosts assembly for the Montero and Strada and the Mirage.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: auto , Business , expansion , Japan , Mirage , Mitsubishi Motors , Motoring , Philippines

  • Ralph L

    Duh??? Accelerated motorization??? Evidence????

  • http://www.facebook.com/profile.php?id=100003672409753 Jean Claude

    If they dont make Mirage here then dont buy it. Buy car brands that are manufactured in our country like Mitsubishi L-300 van, Adventure AUV (Asian utility vehicle) and Lancer sedan.
    Buy only those brands. Dont buy Mirage because they are not made here in the Philippines. Support those brands that actually create manufacturing jobs in this country other than mere showroom sales agents. Until they make Mirage in our country then thats the only time we buy them because every Mirage made here supports jobs for our fellow Filipinos.

    • http://profile.yahoo.com/AUNBI66J3EGEPMV5LFCN53OUGI JEO

      Good minded person like you must be praise! You are absolutely right!



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Militants kill 14 Algerian soldiers in ambush
  • Pope Francis, huge crowd joyously celebrate Easter
  • 4 French journalists freed from Syria captors home
  • Thousands celebrate Easter in Holy Land
  • Transcript reveals confusion over ferry evacuation
  • Sports

  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Marketplace