Despite surging fuel and commodity prices, Jaguar Cars Inc., exclusive distributor of top of the line British cars Jaguar and Land Rover, said the 40 percent sales growth in the first quarter is sustainable for the rest of the year from a negative growth last year.
Company chairman Wellington Soong said that growth would come from the XF series, its midrange models, with a price of P4.9 million per unit.
"We can sustain a 40 percent growth this year. The market that we cater to is different and is shielded from the price shocks resulting from oil and food prices increases," Soong said.
The company was also able to maintain prices of their cars because the strong peso has helped temper the impact of the higher fuel prices. Jaguar is also able to keep a profit margin of between 9 to 12 percent.
According to Soong, the Philippines placed fifth in Asia Pacific in terms of absolute sales volume with Hong Kong in the lead, followed by Singapore, Thailand and Malaysia.
"Advanced orders for the XF now reached almost 7,000 units worldwide. Locally, we have been receiving a lot of inquiries with potential buyers eagerly anticipating their hands on the all-new XF," Soong said.
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