MANILA, Philippines — – Nissan Motor Corporation is on the comeback trail in the Philippines with the introduction of flagship global models and a new, unified national sales company.
Nissan’s renewed commitment to the Southeast Asian nation comes at a time of rapid growth. The market is enjoying a record high, with vehicle sales surpassing 180,000 units in 2013.
“In the usual case, motorisation starts when the country reaches US$3,000 GDP per capita. We expect the Philippines will reach this growth, and the increasing demand for vehicles will be over 300,000 units soon,” said Kenji Naito, President and Managing Director of Nissan Philippines Inc.
New models will be key to a revival at Nissan, which introduced its best-selling Altima and Sylphy global sedans in March, while the new sales company will ensure global standards across its local dealership network.
That should boost Nissan’s sales rank among auto brands, which slid from third to seventh between 1995 and 2012, and raise market share from today’s 4.3%, Naito said.
“NPI is aiming to grow 15 percent sales year over year. Nissan is going to expand the product lineup by introducing two new global models to the market in this fiscal year,” said Naito.
With only 30 out of 1,000 Filipinos owning a car, the market’s potential to grow is clear.
GDP Growth forecast was revised up to 6.5% this year and average incomes are also rising with GDP per capita estimated to soon exceed US$3,000, according to the IMF.
For Nissan, the Philippines will become a key component of plans to reach sales of 500,000 and 15% market share in the ASEAN region by the close of fiscal 2016.