AC Motors Automotive Group, a wholly-owned unit of AC Industrial Technology Holdings Inc. of the Ayala Group, said Friday plans to obtain at a market share of 10 percent for its five automotive brands in the next five years.
AC Motors president Antonio Zara III said this was the company’s vision after the Philippine automotive industry sustained massive losses in 2020 amid the health crisis.
“As a show of our confidence and commitment to the industry, our distributor brands are working on at launching at least six models in 2021. We are also planning to open 6 company-owned showrooms across our five auto brands in addition to franchised appointments,” he said.
The Philippine automotive sector posted a 40-percent drop in sales in 2020, not only because of the strict lockdowns but also because of the slow demand as families and companies prioritized essential commodities while in crisis.