Despite supply issues, rising gas prices and inflation, a multibrand vehicle distributor expects to keep its market share in the luxury segment seen to continue growing faster than the industry.
Frankie Ang, chief operating officer of the joint venture of Inchcape Plc and CATS Motors, in a press conference yesterday said the latter has cornered 35 percent of the luxury segment which has remained resilient despite the pandemic.
Ang said the acquisition of CATS by Inchcape will add 120 million pounds to the latter’s revenues. He did not elaborate.
Ruslan Kinebas, chief executive officer of Inchcape APAC, said the luxury segment will grow faster than the 11 percent compounded rate of the Philippine vehicle market, seen reaching half a billion units by 2026.
Ang said the JV will make investments on the expansion of its dealership and its model lineup, including electric vehicles (EVs).
He added the upper luxury segment is very ripe for EVs driven by affordability and climate consciousness in this market.
CATS is the distributor of Mercedes-Benz, Chrysler, Jeep, Dodge, Ram, Jaguar and Land Rover and has dealerships for Mazda and Harley Davidson Motorcycles.
Singapore-based Inchcape APAC distributes OEM brands Toyota Motor Corporation, Subaru, Suzuki, Jaguar Land Rover, BMW Group, Chevrolet, Great Wall Motor, Peugeot Citroen, Harley-Davidson, Daimler Trucks and Buses, Hino and other commercial vehicle partners. – Irma Isip
