Chery plans to build a plant in the Philippines
- The Chinese carmaker Chery plans to build a plant in the Philippines. This will be its third plant in Southeast Asia, along with the ones it has established in Malaysia and Indonesia. These three countries are part of the ASEAN region, which has become one of the world's most dynamic economic regions. At first, the plant is expected to produce 20 000 Filipino vehicles per year, while the total production of the country remains under 60 000 units in 2013. Chery currently markets eight models in the Philippines, all imported from China. But its market share in the country remains under 3% (about 5 000 units). With this new plant Chery hopes to quadruple its sales in the country.
- In 2013, sales of vehicles in the Philippines (all brands) have indeed reached 212 000 (52 000 PCs + LCV 160 000) levels higher than expected (initially set at 200 000 units). The Department of Trade and Industry of the country emphasizes that the sector is beginning to attract foreign investors. Four major world manufacturers (unidentified) have recently announced their intention to invest in the Philippines between 2014 and 2016.
- The Department of Trade and Industry expects a 20% increase in the local car market in 2014 and believes that this growth will continue throughout the decade, thanks to the enrichment of the middle classes and low motorization rate of this country.
