Mitsubishi Motors Philippines Corp. (MMPC), the second leading auto firm in the country, saw its sales surge by more than 23 percent in the first quarter of the year, driven by strong consumption and election spending, the company said on Thursday.
MMPC recorded 14,688 units sold in the first three months of 2015, 23.8 percent higher than the 11,849 units sold in the same period last year.
MMPC’s 23.8 percent growth in the first quarter is faster than the industry-wide first quarter growth of 21.6 percent, according to data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Trucks Manufacturer of Association (TMA).
During the quarter, MMPC cornered 19.2 percent of the market, retaining its place as the second leading automaker in the Philippines behind Toyota Motor Philippines Corp.
MMPC’s passenger car sales increased by 22 percent to 4,564 units in the first quarter of 2016 compared to the same quarter a year ago.
For light commercial vehicles (LCV), the company saw sales jump by 24.5 percent to 9,754 units.
Sales of trucks and buses advanced by 27.1 percent and 60 percent, respectively.
January to March sales were mostly from the strong demand for Mirage, Mirage G4, the recently launched all new Montero Sport, and locally manufactured units such as the Adventure and L300, the company said.
MMPC said Montero Sport continues to be the best selling mid-sized SUV, taking up 42.3 percent share of the LCV sales.
Montero Sport is the third-best selling vehicle nationwide, while Mirage G4 is the eighth best seller, the automaker said.
MMPC said it would continue its aggressive marketing efforts and offer of more flexible financing options from its bank partners and dealers to boost sales growth.
In 2015, MMPC saw its sales improve by 8 percent to 54,087 units from the previous year.
Having more than 57,000 sales last year, the company earlier said it is targeting a 25-percent jump in sales to 67,800 units this year due to its pipeline of car launches and improved marketing strategy throughout the year.
The local automotive industry has set an overall goal to record up to 350,000 car sales in 2016.