Philippines to remain Mitsubishi Motors ‘priority’
Mitsubishi Motors Philippines Corp. (MMPC) is keeping its faith in the Philippines as one of its “priority markets,” even as its Japanese parent reassesses its focus on Southeast Asia amid intensifying competition from Chinese automakers.
In a statement sent to the Inquirer, MMPC reaffirmed its commitment to the automotive industry in the Philippines, one of three priority markets identified in Mitsubishi Motors Corp.’s medium-to long-term strategy, alongside Vietnam and Japan.
“We see long-term potential in the Philippines automotive market,” the company said.
“MMC has identified the Philippines as a priority market in its mid-to-long-term strategy, reflecting its continued importance to [the] company’s regional presence,” it added.
Such an assurance comes after a recent report by Tokyo-based Nikkei Asia that Mitsubishi Motors was rethinking its strategic emphasis on Southeast Asia, where Chinese electric vehicle (EV) manufacturers have been steadily gaining ground.
In the Philippines, MMPC is already facing stiffer competition from Chinese automotive giant BYD, which had climbed to become the country’s third-bestselling automotive brand as of August. BYD has sold 28,399 units since the start of the year.
MMPC, however, maintained a comfortable lead over BYD, having sold 46,162 units during the same period.
Citing remarks from a briefing in May, Nikkei Asia reported that Mitsubishi Motors CEO Takao Kato had acknowledged that the automaker had “leaned too heavily” toward developing products for Southeast Asia.
As such, the Japanese automaker was reportedly looking to strengthen its presence in developed markets, including the United States and Oceania, while reducing the number of new models developed specifically for Southeast Asia.
Even with the shift, MMPC said it remained committed to expanding its Philippine operations.
