Mitsubishi Motors registers impressive 32% growth in 1Q
Strong sales from LCV models
While total Philippine automotive industry sales for the first quarter registered 28,564 units which is slightly down by 1.2% from the same period last year, Mitsubishi Motors Philippines (MMPC) recorded an impressive 32% growth. MMPC sold a total of 4,860 vehicles for the first quarter, resulting to a 17% market share and No.2 position in the industry.
MMPC also registered growth in all segments for the first quarter. Lancer sales totaled to 365 units for a 44.8% growth in the passenger car segment.
In the light commercial vehicle segment, total growth registered was 29.3% as MMPC sold a total of 4,290 units. MMPC credits this to the strong sales of its new Montero Sport, Adventure, Strada pick ups and L300 models.
For the truck and bus segment, MMPC sold a total of 205 units which has increased by 80% compared to the same period in 2008.
MMPC Assistant Vice President for Marketing Services, Froilan Dytianquin said that "Mitsubishi's notable sales performance can also be attributed to the aggressiveness of financial institutions to accept auto financing loans, especially for entry level buyers such as small-medium entrepreneurs and OFWs."
"Unlike other markets, we believe that the local financial institutions remain to be healthy and have actually kept the local automotive industry buoyant in the midst of the global recession.", Dytianquin added.