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

  • Drilon denies involvement in pork scam
  • Complex health care system for California’s elderly and poor explained
  • Malang the croc must regain strength before return to swamp, says mayor
  • Palace: Lacson’s version of Napoles testimony to be evaluated
  • Scientists eye iceberg bigger than Guam
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Gongs and southern dances star in a workshop at San Francisco Bayanihan Center
  • This woman ate what?
  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • Entertainment

  • Smithsonian wants photos, videos for ‘Day in the Life of Asian Pacific Americans’
  • What Garcia Marquez left behind
  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Business

  • Metro Pacific acquires stake in Victorias
  • How ‘one percent’ economic elite was uncovered
  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Obama to visit Filipino soldiers in Fort Bonifacio
  • Fil-Am youth conferences unite under one theme
  • Embassy advisory: Filipinos still need visas to enter US
  • No travel restriction to Mideast, DFA clarifies
  • PH-HK relations repaired, but families of victims still being courted
  • Marketplace