China's Lifan Cars to sell autos in Manila for the first time

MANILA, Philippines - Lifan Cars, a Chinese automaker which exports its vehicles in more than 100 countries, will soon sell its first car in the Philippines, marking its entry in the local market. Its LF520, a mid-sized sedan, will just be the first among three cars it plans to sell in the country this year, where it hopes to be a major market player in the long run, Nelson Ong, Lifan Cars president said. Rising demand for affordable quality vehicles – and the growing auto industry in general – will enable Lifan Cars to compete with more established brands, Lifan Cars General Manager William Agcaoili said. Last year alone, Philippine vehicle sales jumped by six percent to 124, 449 units even as neighboring Asian countries suffered falling sales and profits brought about by the global financial crunch. “One major consideration for Lifan’s entry into the market is the availability of a good market," Agcaoili said. “We believe that [our cars] will appeal to young urban professionals and younger car enthusiasts, who comprise a large chunk of buyers in the local market." Its LF520 “will help revitalize the local domestic industry as it gives car buyers more choices," Nelson Ong, Lifan Cars president said. New owners of the LF520, which has been exported to more than 50 countries, “will also enjoy considerable savings without compromising the quality, safety and comfort of their vehicles," Ong said. The LF520 – exported to Russia, Vietnam, and 50 other countries – will be available after its formal launch on January 30. Its showroom will be at West Avenue, Quezon City. Lifan Cars is a unit of China-based conglomerate Lifan Group with operations in the financial/banking sector, real estate, football industry and research and development. Lifan Group has also been engaged in the production of trucks, buses, motorcycles, and car engines and subsequently ventured into automobile production. In 2007, it was the market leader with sales revenues amounting to 12.16 billion Yuan, foreign exchange through export at $409.6 million. Lifan Group has been consecutively selected among Chinese Top 500 enterprises and ranks the first among Chongqing Top 50 private-owned enterprises. Ong added that Lifan Cars plans to expand its business in the Philippines by aggressively pursuing nationwide dealership. - GMANews.TV