Local Chevrolet distributor to invest P720 million over 2 years

MANILA, Philippines - The Covenant Car Co. Inc. (TCCCI), the exclusive distributor of Chevrolet cars and parts in the Philippines, plans to invest P720 million over the next two years in order to double the number of its dealerships in the country.

In a press conference yesterday at the Makati Shangri-La, TCCI managing director and chief operating officer Alberto Arcilla said they intend to add another 12 dealerships all over the country, with one dealership costing between P50 million to P60 million.

“As part of our expansion plans, TCCCI will open approximately 12 additional dealerships all over the Philippines in the next two years, creating an estimated 900 new employment opportunities,” he said.

The TCCI official pointed out, however, that they have yet to consider investing in a manufacturing facility in the Philippines but will instead continue selling imported vehicles in the country.

TCCI posted a 37.2 percent year-on-year growth in the sale of Chevrolet vehicles in the Philippines since its inception last year, a clear indication of the market’s renewed confidence in the Chevrolet brand.

“We at TCCCI are very pleased to announce this dramatic growth in a relatively short period of time,” said Arcilla. “We would like to acknowledge our dealers and our market for their loyalty and trust and although there are still many challenges that lie ahead, we remain grateful and optimistic towards achieving all our targets for the service of the Filipino auto market,” he said.

With the current product lineup consisting of the Cruze, Aveo, Captiva, Camaro and Suburban models, TCCCI forecasts total sales of at least 2,000 units in 2010, which will mark a 40-50 percent increase from the 2009 figures. 

GM, the Detroit-based auto giant that manufactures Chevrolet, has been rolling into emerging markets in line with its renewed commitment to rebuild a successful business worldwide.