Mitsubishi Motors Corporation (MMC) said it held a production launch ceremony today (27 February) for the Mirage G4 compact sedan (Attrage in some markets) at the Malacañang Palace, the official residence and workplace of the president of the Philippines, in Manila.
The Mirage G4 actually went into production on 17 February at the vehicle assembly plant of Mitsubishi Motors Philippines Corporation (MMPC).
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MMC president, CEO Osamu Masako said in a statement: "Under the strong leadership of [president] Duterte, there is big potential of economic growth in the Philippines. It is my conviction that the automotive industry with its broad base, high quality labour force and strong support through the government's development policy, will contribute to the economic prosperity of the Philippines. Our intention is to contribute."
Separately, Reuters reported the local MMC chief as saying the subsidiary would nearly double production to 40,000 vehicles this year as it participates in the government's car manufacturing incentive scheme.
Growth in Philippine motor vehicle sales was the third fastest in Southeast Asia in 2016, but production is small compared with its neighbours, the news agency noted.
Local production would hit 40,000 units this year, primarily due to the introduction of the Mirage hatchback and sedan models, Mitsubishi Motors Philippines president Yoshiaki Kato told Reuters.
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By GlobalDataThe automaker also manufactures the Adventure SUV and L300 van in the Philippines. Its facility, south of the capital, has an annual capacity of 50,000 units and output was around 22,000 vehicles in 2016, company data showed.
The company is banking on increasing incomes and demand, and infrastructure development, in one of the world's fastest growing economies, Mitsubishi first vice president Dante Santos told Reuters.
Only Mitsubishi and the Toyota Motor local unit have qualified for the government's US$600m automotive incentive programme to boost output in the auto industry, which involves tax breaks.
Mitsubishi, the Philippines' second largest selling automaker, has committed to spend PHP4.3bn ($85.6m) to produce 200,000 units of the Mirage in six years.
Kato told Reuters sales were targeted to reach a record 70,000 this year from around 60,000 in 2016.
Learn more about Mitsubishi Motors from just-auto's research database QUBE and about its future model plans from our product lifecycle database PLDB
