Mitsubishi mulls entry into EVs

MANILA, Philippines — Automotive firm Mitsubishi Motors Philippines Corp. (MMPC) is studying the rollout of electric vehicle (EV) and hybrid vehicle models in the country following the government’s move to expand the zero tariff coverage for EVs.

“We are very much intensively studying which is the most reasonable solution for this market. So whether we should go to the battery EV, whether we should go to the plug-in hybrid or hybrid, there’s some decision that we have to make which fits to the market,” MMPC president and CEO Ritsu Imaeda said at the sidelines of the launch of the Mitsubishi XForce compact sports utility vehicle.

Last May, the National Economic and Development Authority Board chaired by President Marcos approved the expanded coverage of Executive Order 12, to allow more types of EVs including hybrid EVs and plug-in hybrid EVs (PHEVs) to enjoy zero tariffs until 2028 to encourage the use of environment-friendly transport options.

While MMPC’s study is being undertaken, Imaeda said he wants the company to take advantage of the zero tariffs on EVs for at least two years.

To be able to take advantage of the zero tariff for at least two years, the company has to make more EV models available around 2026.

At present, MMPC has the Outlander PHEV as part of its vehicle lineup.

Imaeda said MMPC is aiming to sell around 90,000 vehicles for the current fiscal year, which started last April and will end in March.

In the previous fiscal year, MMPC achieved record-high sales of 81,500 units.

Achieving higher vehicle sales in the current fiscal year would allow MMPC to increase its market share to over 20 percent from 18.5 percent in the last fiscal year.

MMPC expects strong consumer demand to boost sales this year.

“From our side as a product, we have several lineups which we would like to push forward,” Imaeda said.

MMPC is banking on the XForce launched last Friday to help boost sales.

Imaeda said the goal is to sell 7,000 units of the XForce in the current fiscal year.

Apart from the XForce, he said MMPC also expects other vehicle models such as the Triton pickup launched last January, as well as the Xpander and Mirage to support higher sales.

“We have a good balance in the sales for all of those products. So with that lineup, with all of those models, we are aiming to achieve 90,000 units,” he said.