Mitsubishi Motors Philippines Corp. (MMPC) expects to double its sales within five years to 100,000 units as it increases production of key models in its P5 billion new plant in Santa Rosa, Laguna.
The company inaugurated yesterday the P2 billion stamping plant in the old production site of Ford Motor Co. Philippines it earlier bought for P3 billion.
The new plant can assemble up to 50,000 units per year, exceeding the 30,000 units per year capacity at the old Cainta plant it plans to sell. The new plant will produce best selling models, Adventure and L300.
The transfer to Santa Rosa, a hub for automakers, is part of the company’s “New Stage 2016” mid-term plan making the Philippines as core market following Thailand and Indonesia as the company expands in Asean region.
Last year, MMPC sold a total of 50, 085 vehicles, this year intends to sell 62,000 units and to open additional 5 showrooms. By 2020, MMPC targets to sell 100, 000 units.
“The Philippine market is expected to show the highest growth among all countries in the ASEAN region, which is the most important market for our company.
Therefore it is positioned as one of the pillars of our ASEAN business. We will continue to do our best to contribute to development of the automobile industry and job creation in the Philippines,” Mitsubishi Motors Corporation (MMC) Chairman and CEO Osamu Masuko said. MMPC currently employs 1,000 with 500 more to be added.
MMPC is the first automobile manufacturer to reach 500,000 units of cumulative production in the Philippines. In 2014, MMPC had the second largest market share of 19 percent, with more than 50,000 units, a 15.2 percent increase from the previous year.
President Benigno Aquino 3rd attended the opening of the new plant. “In all your plans, you have demonstrated not only a confidence in the market, but also in the capacity of the Filipino people to become strong and able partners in building your business. The length of your stay here has shown you exactly how talented, how service-oriented, and how loyal the Filipino worker is,” Aquino said.
“The inauguration of MMP’s new plant reflects our commitments to continue vehicle manufacturing operations in the Philippines at the same time prepare for further business expansion with the projected rapid increase in vehicle demands in the coming year’s”, Hikosaburo Shibata, MMPC Presidend and CEO said.