BMW Philippines Winds Down Operations, Posts Loss of P187M

Losses of BMW AG’s local unit widened as it ended operations in the Philippines last year and turned over the local dealership to its Filipino business partner.

BMW Philippines Corp., in its 2008 financial report, said it had to sell inventory at a loss ahead of the closure of local operations.

The company’s net loss last year ballooned to P186.53 million from only P22.43 million in 2007. Meanwhile, sales of the leading luxury car brand inched up by only P15 million to P1.89 billion in 2008. Read more

Philippines Still a Budding Market for Luxury Cars

Lexus Manila is cautiously optimistic of sales this year, which marks its official foray into the local luxury-car market.

Hiroyuki Tsuda, Lexus Manila Inc. executive vice president, told a round­table at The Manila Times on Thursday that the global financial crisis would indeed slow down global automotive sales. The luxury-car segment, he said, would not be an exemption, including here in the Philippines, still a budding market for high-end vehicles.

According to Tsuda, Lexus Manila’s sales in the first two months were “a little slow,” as they sold an average of 11 units per month. Read more