GM’s Woes To Have No Direct Impact on RP, Asean Units

The dramatically changing global landscape and economic conditions have created the urgent need, and the opportunity, for GM Corp. to reinvent both the car and the company. “All of our key stakeholders — US and global governments, taxpayers, unions, employees, retirees, suppliers, partners and dealers – are playing a vital role in our reinvention,” the company said in a statement.

“Building on the substantial progress we have already made, GM’s United States operations recently made important announcements about the progress of their efforts to become a winning company for the future. The announcements apply only to our US operations, but we want to summarize them and explain what they mean for our business outside of the US,” the company said.

GM Corp. has reached agreements with its main labor union (the United Auto Workers) and the US Treasury that will launch a new leaner, stronger ‘New GM’ positioned for a profitable, self-sustaining and competitive future. Read more

Local Car Firms Ask Government to Lower Excise Tax

The local auto industry is asking the government to help local car manufacturers by lowering excise taxes, making permanent investment incentives and buying locally assembled vehicles.

In a press briefing on Thursday, Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) president Elizabeth H. Lee said there is a need to strengthen the completely knocked down (CKD) business because it is where the jobs are.

Lee estimated that the auto industry supports half a million families as it employs 74,000 workers. Read more

RP Auto Industry Posts 6% Growth in 2008, But Job Losses Feared

Inspite of the global economic slowdown, the local auto industry’s total sales posted a six percent growth in 2008.

Data released by the local industry association, Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), showed that a total of 124,449 vehicles were sold last year. Sales peaked in December when buyers wheeled out about 10,000 vehicles from car showrooms.

Sales volume would have been higher, experts said, if not for the unusually long holiday break. Selling opportunities were cut short by almost two weeks.

Sales of commercial vehicles accounted for 64.3 % of total industry sales. Read more

2009 Honda City Rolls Off Production in RP

The much-anticipated 2009 Honda City recently rolled off the assembly line at the manufacturing plant of Honda Cars Philippines, Inc. (HCPI) in Sta. Rosa, Laguna.

The third-generation Honda City will be sold in the local market starting on the first quarter of 2009.

“Proud to be Philippine-made, the production of City is a testament to Honda’s long-term confidence in local manufacturing operations,” said HCPI President and General Manager Hiroshi Shimizu during the roll-off ceremony in December 2008. Read more

CAMPI: Philippine Auto Sales up 8.3% in First 11 months

Automotive sales went up by 8.3 percent to 114,564 units in the first 11 months of this year from 105.771 units in the same period last year despite a 7.7-percent drop in the November sales performance.

“The Philippine auto industry’s year to date growth rate is a stark contrast to that of the largest auto market — the US where the November auto sales plunged another 35 percent, the lowest in two decades,” Elizabeth H. Lee, Chamber of Automotive Manufacturers of the Philippine (CAMPI) president said. Read more

CAMPI: Automotive Industry Seen to Grow 2-4% in 2009

The local auto industry is expected to grow by a slower rate next year due to the global economic downturn.

“For next year, growth maybe between two and four percent, down from this year’s 10-percent growth,” CAMPI president Elizabeth Lee said.

According to Lee, the local industry is better off than other countries which has been besieged by falling sales as a result of the slowdown in global demand especially in the European and American markets.

“So far auto players remain cautiously optimistic given the local industry’s better performance versus that of other developed markets,” Lee said. Read more

Korean Car Distributor Granted Regulatory Approval

Korean automobile distributor Hyundai Asia Resources, Inc. (HARI) received regulatory approval on Wednesday to hike its capital fourfold to P1 billion.

British Virgin Islands firm Kibo Holdings Ltd., which owns half of HARI, increased its stake in the company by subscribing to the entire stock increase but paid for only P200 million, documents from the Securities and Exchange Commission (SEC) showed. Read more

Chinese Car Manufacturer to Invest $1B in RP

A Chinese car manufacturer is planning to invest $1 billion for an assembly plant in the country.

“We are already in serious negotiations with the manufacturer. They have expressed genuine interest in putting money here,” Francis Chua special envoy for Chinese investment and trade told The Star in an interview.

According to Chua, the slowdown in the global economy has not dampened the investment behavior of the firm. Read more

Car Firms Expect Flat Growth in 2009 as Crisis Hits

The Philippine car industry expects sales to slow next year as a result of a global economic downturn which threatens to cut consumer spending, especially among families dependent on relatives working abroad.

But for the moment, the Chamber of Auto Manufacturers of the Philippines, Inc. (CAMPI) remains confident that its 2008 sales target of 125,000 vehicles — “the most in more than a decade” — will still be met. Read more

RP Can Still Catch Up as Auto Production Hub for ASEAN

The Philippines can still catch on with its dream of becoming an automotive manufacturing hub in the region because Thailand cannot fully serve the requirements of a region with 600 million population and a faster growing economy.

Ford Group Philippines Chairman Henry Co said this in his presentation during a Local Government Conference for Sustained Philippine Competitiveness. Read more