P1.2-B assembly plant set to open
MANILA, Philippines – Foton Motors Philippines Inc. plans to ride on the continued growth of the local automotive industry in the coming years as it gears up fo a bigger share of the market through its new P1.2-billion assembly plant in Clark, Pampanga.
In an interview, Foton Philippines officials told The STAR the company is looking to nearly quadruple its sales last year to 15,000 units by 2020.
Foton Philippines president Rommel Sytin said the firm’s total sales volume by then would eventually propel its market share to 10 percent from the end 2015 share of one percent.
“It’s ambitious, but let’s see. As long as the coming government maintains the six to seven percent growth rate of the economy, I think the demand for movement of goods will be there,” he said.
Sytin said there remains a huge opportunity for growth for Foton in the Philippines since its presence in the country is still small compared to the other Foton markets in the world.
Foton is the largest commercial vehicle manufacturer in China and the second largest in Asia.
In the Philippines, Foton’s product offerings include pick-ups, vans, light- and heavy-duty trucks, and construction machinery.
Foton Philippines executive vice president Anna Maria Parado said the company posted a 25 percent sales increase last year with 3,892 units sold across its entire product line-up.