Mitsubishi Motors is thriving in the Philippines with the new Triton and the Xpander MPV.
Mitsubishi Motors Corporation achieved a major milestone in the Philippine market, reporting record-breaking retail sales of 81,473 vehicles in fiscal year 2023. This impressive figure represents a remarkable 34% increase compared to the previous fiscal year, marking the highest sales volume for the Japanese automaker since fiscal 2017.
The stellar performance was driven by sustained high demand for the popular Mirage G4 compact sedan, which saw a significant sales surge. Additionally, the Xpander, the market’s top-selling MPV, and the all-new Triton pickup truck, launched in January, contributed to the exceptional sales figures.
In the rapidly growing Philippine auto market, Mitsubishi Motors’ market share soared to 18.5%, a 2.3 percentage point increase from the previous year, solidifying its position as a major player in the region.
Tatsuo Nakamura, the company’s Executive Vice President (responsible for Sales), emphasized the company’s longstanding commitment to the Philippine market, stating, “Mitsubishi Motors has been involved in production and sales in the Philippines for more than 60 years, contributing to that country’s economy and earning the solid confidence of customers.”
Nakamura further expressed the company’s determination to continue delivering exceptional products and services that embody the Mitsubishi Motors brand essence. “Going forward, we will offer even more variety to customers, and we will strive to satisfy our customers through both products and services that embody Mitsubishi-ness. We aim to further expand sales in the Philippines, one of our most important markets.”
The Philippines is a key market for Mitsubishi Motors, identified as a “Growth Driver” in the company’s mid-term plan, “Challenge 2025.” The plan outlines a strategy to concentrate resources in the ASEAN region, rolling out numerous new models to bolster sales volume and revenue. With the Philippine market’s rapid growth, fueled by a burgeoning population and robust economic expansion, the brand is well-positioned to capitalize on this momentum.
To further strengthen its presence in the Philippines, Mitsubishi recently signed a joint venture agreement with Security Bank, a leading financial institution in the country. The partnership will establish Mitsubishi Motors Finance Philippines Inc., a retail finance company offering financing services to customers. This strategic move, coupled with Security Bank’s extensive retail financial product lineup, sets the stage for the company’s continued sales expansion in the Philippine market.
