The local distributor of Mercedes-Benz and other luxury cars intends to bring in more models this year, including electric vehicles (EVs).
“We are bringing in several new models this year that we feel are very competitive that will provide growth opportunities for us,” Francis Jonathan Ang, director at CATS Group of Companies (CATS), told reporters Wednesday.
“It is part of the plan. And all of the brands have plans to do so,” he added when asked if the lineup included EVs.
The CATS executive said that he considered the EV market in the Philippines “very ripe,” signifying it was the right time that the company ventured into the segment.
“Over the past years we’ve been hearing a lot of demand from our own customers, and we will react to that demand,” he said.
Ang’s statement came on the heels of an announcement from a day earlier that British automotive company Inchcape plc (Inchcape) has acquired a controlling stake in the Filipino-led CATS.
Inchcape CEO for Asia-Pacific Ruslan Kinebas described the Philippine automotive market as fast-growing, dynamic and one of the most geographically attractive in the Asean region.
Legacy
In making the investment, the Inchcape executive highlighted the Ang family has built successful relationships with premium car brands and with its customers in the Philippines.
“We are looking forward to building on their legacy and accelerating growth and digitalization,” Kinebas said.
CATS was founded by Ang’s father Felix in 1989, starting as a car accessories, tires and service center before going into the luxury vehicle distribution business.
Aside from the Mercedes-Benz brand, CATS is also the local distributor for Chrysler, Jeep, Dodge and Ram. The company also has dealerships for Mazda and Harley-Davidson motorcycles.
Ang said CATS reached a 35-percent market share in the luxury vehicle segment last year, making it one of the leaders in the Philippine automotive scene.