Those of you who have been eyeing a Geely for your next car purchase might be in for a bit of a surprise when you visit the dealership.
Price hike due to Republic Act No. 8800
The Chinese car manufacturer has just announced that it will soon implement a price hike due to the Department of Trade and Industry's (DTI) safeguard tariffs on imported vehicles. Under Republic Act No. 8800, imported passenger cars are slapped with a P70,000 cash bond per unit.
The Geely Coolray, Azkarra, and Okavango are all affected by the DTI’s safeguards. In a statement, however, Geely distributor Sojitz G Auto Philippines (SGAP) said that customers can still take advantage of the brand’s current prices as the hike’s implementation will not be immediate.
“The new safeguard tariff will eventually raise prices of Geely vehicles for new shipments which will arrive this month. The good news, however, is that our customers can still enjoy the current prices since we, the distributor, and our dealers still have enough inventory,” SGAP president and CEO Mikihisa Takayama said in a statement.
Price increase to take effect in April
“It is unfortunate that such policy was decided to be implemented at a time when the auto industry is expected to recover from the huge drop in sales volume last year due to the pandemic,” Takayama added, saying that the brand remains confident it can rebound in 2021 despite the DTI’s new safeguard measures.
UPDATE, March 2, 2021: The local distributor has confirmed that changes in pricing will not be implemented until April. The official statement reads: “While several auto brands have announced the treatment of this additional safeguard bond on the prices of its vehicles, SGAP defers the implementation of the price increase to April as dealers still have enough inventory which are not yet covered by the DTI’s safeguard policy. This means, customers could still take advantage of the current Geely vehicle prices until the end of March.
“The price adjustment on Geely vehicles will be announced soon.”