Weakening Of Peso Against Dollar Triggers Mitsubishi Motors Philippines To Raise Vehicle Prices
The prices of some vehicles of Mitsubishi Motors Philippines (MMPC) were raised due to the weakening peso over dollar rate.
The rate of Philippine peso goes own against the US dollar for the previous months. The equivalent of US dollar is now currently P49.20. So Mitsubishi Philippines decided to raise the prices on some of their vehicle units.
Mitsubishi is one of the top leading car brands worldwide and in the Philippines. It also claims the number six spot on Japan’s biggest automaker and 16th on biggest worldwide production. The 34 percent of the car company is owned by Nissan.
The car company also established heavy industries which are separate from Mitsubishi Motors. Products such as heavy construction equipment, buses, and commercial grade trucks. Mitsubishi Heavy Industries (MHI) focuses on manufacturing ships, railroad cars, and aircraft.
Mitsubishi has already produced numerous car models that become popular on the market. Their units became popular around the world because of its high quality, stylish design, durability, features, and reliable performance.
Thailand imports some of their Mitsubishi units such as Strada, Montero, Mirage, and Mirage G4. While, Japan imports are Fuso Bus, truck models, Lancer, and Pajero. The vehicle’s price will increase a 3% to 5 % or around P10, 000 to 20, 000 per vehicle.
The company advised the public to grab the opportunity to buy their unit at its current prices and on-going discounts before their prices increased. For the first 10 months of 2016, Mitsubishi sold 50, 246 vehicles, which is 17.18 percent higher compared to their sales last year.
MMPC has already manufactured an electric vehicle, motor sport, off-road racing, circuit racing types of vehicles. Truly the company has gone so far since it was officially formed in 1970 from the original Mitsubishi’s origin way back 1917.
The increase in the price of Mitsubishi is not yet effective for now but sooner or later the vehicle’s price was expected to increase. Earlier, finance secretary Carlos Dominguez plans to raise the taxes for new cars starting 2018. So the company will be forced to raise their prices.
What can you say about the price hike of Mitsubishi vehicles? Does it deserve to increase their price due to weakening peso against US dollar?
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