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The volume of vehicles sold in the Philippines is primed for a 12-percent growth this year to reach about 577,000 units amid a government drive to upgrade jeepneys and increase in domestic production, according to Frost & Sullivan. The US-based consultancy firm said the projected Philippine economic growth of up to 7 percent yearly over […]
BEIJING — Electric car producer Tesla will build its first factory outside the United States in Shanghai under an agreement signed Tuesday, becoming the first wholly foreign-owned automaker in China. Tesla Inc.’s announcement comes amid mounting US-China tension over technology, and follows Beijing’s April promise to end restrictions that required foreign automakers to work through […]
Car sales grew only by 8.7 percent in August, the slowest in four months, data from automotive and truck manufacturers showed. According to a joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA), member companies sold 35,309 units in August, an 8.7 percent increase from […]
Coming on the heels of a remarkable double-digit growth in February, Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, caps the first quarter of 2017 on sustained momentum with its recent foray into car assembly. Here’s the news from Hyundai: In what is considered a strategic response to the […]
Forecasting trends in the auto industry is a tricky business. A great number of people have tried but their efforts got confounded in a lot of cases due to the rise of new technologies and changing consumer preferences.
IT SEEMS the auto industry is on its way to beating its 350,000 unit sales forecast this year. With 167,481 units already sold, over 36,000 more than what was posted during the same period last year, auto execs are more determined and inspired than ever.
TOKYO—Mitsubishi Motors Corp. of Japan is betting big on its operations in the Philippines as it targets to make the country one of its export hubs in the region. MMC chair and CEO Osamu Masuko told reporters here that the company wanted to ramp up the factory output of Mitsubishi Motors Philippines Corp. to about […]
TOKYO — Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded. Nissan Motor Co. reported a 71 billion yen ($651 million) profit for the quarter Thursday. It had a 119 billion yen profit the same […]
The Philippine automotive industry has set another record performance in April with vehicle sales hitting 27,697 units, up 30 percent from year-ago level. This brought total vehicle sales in the first four months of the year to 104,176 units, reflecting growth of 23.8 percent, based on data from the Chamber of Automotive Manufacturers of the […]
TOKYO — Toyota Motor Corp. is projecting a 35-percent plunge in profit for the fiscal year through March 2017, as the perks of a favorable exchange rate fade, and it reported a 4-percent drop in profit for January-March on-year at 426.6 billion yen ($3.9 billion). The Japanese automaker is expecting 1.5 trillion yen ($13.8 billion) […]