In the local market this fiscal year, Mitsubishi Motors Corp.’s Philippine unit projects to sell a total of 75,000 vehicle units, which is more than a fifth of its performance in the previous year. The company is optimistic about its sales performance for the remainder of the year.
Cesar Ramirez Jr., Vice President for Sales and Marketing of Mitsubishi Motors Philippines Corp (MMPC), stated that they have already sold 43,831 units from January to July, accounting for an 18.9% market share. This shows a 50% increase in their half-year performance compared to last year, landing them the second spot in terms of sales volume.
According to Ramirez, there has been a sudden increase in demand for their locally assembled models, particularly the L300s, Mirage G4, and Hatchback. These models have contributed significantly to their sales growth.
In fiscal year 2022, MMPC sold 60,630 vehicle units. Achieving their target of 75,000 units this year would represent a 24% increase in performance.
Ramirez attributed their growth in the sale of L300 vans to promotions held for micro, small, and medium enterprises, as well as the support of banks in terms of bank approvals. He also mentioned that they expect better sales performance in the second half of 2023, anticipating an increase in consumers’ big-ticket purchases during the “ber” months.
However, Ramirez acknowledged that there are downside risks to their projections, including the reimplementation of the excise tax on pickup trucks.
The passage of an expanded bill to a tax reform measure called the Passive Income and Financial Intermediary Taxation Act (PIFITA) at the House of Representatives in August of last year is likely to affect the sales volume of pickup trucks if the excise tax exemption is removed. Pickup trucks have been granted special tax consideration due to their utility for small business owners and professionals.
Ramirez’s remarks indicate that Mitsubishi Motors Philippines Corp is confident in its sales performance and is actively seeking opportunities for growth in the local market.
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