Mitsubishi eyes more investments in Phl

MANILA, Philippines - Mitsubishi Motors Philippines Corp. (MMPC) may invest more in the Philippines to produce other vehicles which it currently does not assemble in the country.

Mitsubishi Motors Corp. president Osamu Masuko said at the launch Friday night of its Mirage model that there is no plan for the production of the Mirage locally.

“To build new models, investment is needed. We plan to invest in new models in the Philippines,” he said.

He said the decision to make new investments in the country would depend on what vehicle categories have a big demand here as well as the incentives that would be offered by the government for the industry.

MMPC currently manufactures the following models: Lancer, L-300 van and Adventure.

MMPC is looking to produce 15,000 units at its plant in Cainta, Rizal this year, higher than the 14,000 units manufactured in 2011.

“Generating employment is one of our aims in the Philippines,” MMPC president Hikosaburo Shibata said.

MMPC is looking to sell more than the targeted 500 units per month of the all-new Mirage subcompact hatchback, the latest addition to its vehicle line-up in the country, in line with its goal of cornering a fifth of the market.

“Our target is 500 (units) per month but we will try to sell more,” Shibata said in a press conference for the launch of the all-new Mirage.

He said MMPC started to accept orders for the vehicle during the 4th Philippine International Motor Show held in August.

To date, orders for the Mirage have reached 2,500 units.

Shibata said MMPC is aiming to get a 20-percent share of the automotive market this year citing that it accounted for less than a fifth of the market last year. “Our target is to exceed our all-time high record sales in 1996 of 36,500 units this year,” he said.The Mirage is MMPC’s entry to the subcompact passenger car segment amid a growing market for small cars.

The vehicle, which is powered by a 1.2 liter engine, features fuel economy and has low carbon emission.

It is available in both five-speed manual transmission and continuously variable transmissions, with its retail price ranging from P498,000 to P638,000.

The Mirage vehicles to be sold here are assembled in Thailand.