Chinese firm to sell low-cost cars in RP

Chinese carmaker Lifan Cars announced it will start soon selling low cost vehicles to the country.

“We are confident that the entry of Lifan Cars will help revitalize the local domestic industry as it gives car buyers more choices. Car buyers will also enjoy considerable savings without compromising the quality, safety and comfort of their vehicles,” Lifan Cars president Nelson Ong said in a statement.

Ong said he is confident that the company will enjoy commercial success in the Philippine market given the preference of Filipino car buyers to quality but affordable vehicles.

He said Lifan Cars expects to be a major player in the car sector in the long run as the company plans to expand its product portfolio in the Philippine market.

Lifan Cars will soon introduce its LF520 mid-size sedan. The LF520 will be available to the market immediately after its formal launch on Jan. 30 at Lifan’s showroom in Quezon City.

The company plans to introduce to the local market at least three car models this year.

Ong said the Chinese brand plans to expand its business in the Philippines by aggressively pursuing nationwide dealership.

General manager William Agcaoili expressed confidence that they will have strong domestic sales given the rising demand for quality but affordable vehicles and the growth of the auto industry in general.

Last year alone, Philippine vehicle sales jumped by six percent to 124,449 units even as neighboring Asian countries suffered falling sales and profits brought about by the global financial crunch.

“One major consideration for Lifan’s entry into the market is the availability of a good market. We believe that it will appeal to the young urban professionals and younger car enthusiasts, who comprise a large chunk of buyers in the local market,” Agcaoili sid.

“On top of their good looks, Lifan cars are equipped by powerful engines designed by United Kingdom-based engineering designs firm Ricardo Plc, for that extra torque and speed. They are trendy and the prices are also very competitive,” he added.

Lifan Cars is a unit of China-based conglomerate Lifan Group with operations in the financial/banking sector, real estate, football industry and R&D.