Conglomerate Ayala Corp. has expanded its automotive portfolio with a deal to bring Maxus – a new brand of light commercial vehicles – to the Philippines, marking the fifth brand in its dealership portfolio.
SAIC Maxus Automotive Co. Ltd. (Maxus) has appointed AC Industrial Technology Holdings Inc. (AC Industrials) as the official distributor of Maxus vehicles in the Philippines, AC Industrials’ parent conglomerate Ayala Corp. disclosed to the Philippine Stock Exchange on Monday.
Maxus is a wholly owned subsidiary of Shanghai-based SAIC Motor Corp. Ltd. (SAIC), which has an “emerging” portfolio focused on light commercial vehicles.
Launched in 2011 after SAIC’s acquisition of the LDV brand, Maxus has grown its sales to 70,000 vehicles in 2017 across three major model lines, exporting over 10,000 in the same year.
In its disclosure, Ayala said the addition of Maxus would “strengthen and diversify AC Industrials’ portfolio of product offerings in alignment with evolving Philippine market preferences.”
“As incomes and productivity have grown, Filipino automotive buyers have increasingly gravitated toward the light commercial vehicle segment, which offers greater utility, flexibility to accommodate a wide range of business and lifestyle needs, and improved comfort and drivability,” the disclosure said.
A Fortune Global 500 company, SAIC sold 6.93 million vehicles in 2017, primarily in China, representing 23 percent of the world’s largest automotive market. It carries 15 major brands, including leading joint ventures with Volkswagen and General Motors.
AC Industrials also distributes the Volkswagen and KTM brands in the Philippines. It manages 26 dealerships in the country across Honda, Isuzu, Volkswagen, and KTM brands. /kga