TOKYO – Japanese conglomerate Marubeni Corp. intends to expand its automotive business in the Philippines through the creation of a wholly-owned unit in one of Southeast Asia’s fastest growing automotive market.
In an interview, Marubeni’s automotive department general manager Atsushi Suzuki said the company is considering forming a new group in the Philippines that could bring in new vehicle brands to the local market.
“We want to if there is a chance. Maybe (bring in more automotive brands) if it is available,” Suzuki said.
Suzuki said the Japanese automotive market at present is shrinking, paving the way for Marubeni’s automotive group to look for new markets to expand.
“The Philippine market is doing very well. Philippine market is a growing market so we are very interested in participating in the market,” he said.
Latest data from the Asean Automotive Federation showed motor vehicles sales in the Philippines remained among the fastest growing in the region next to Vietnam and Singapore.
The country’s motor vehicle sales jumped 21.5 percent year-on-year as of September this year to 206,284 units.
At present, Marubeni’s only involvement in the Philippine automotive industry is its 20 percent shareholdings in commercial vehicle manufacturer and assembler Hino Motors Philippines Corp.
In the United States and United Kingdom, the firm has separate automotive investment units that operate and acquire dealerships for brands such as BMW, Volkswagen, Honda, Mazda, Toyota and Nissan.