Philippines is virtually distributing free cars to citizens . In Philippines cars companies are giving cars at very low prices, which will take very least amount of money from people’s share.
Kia Motors Corp. Picanto are available for up front of just 1000 pesos, while select customers can pay 18000 pesos for K2500 commercial trucks.
Hyundai is offering free Accent or Riena Sedan, which costs in retail price- 683,000 pesos, for purchase of 2.5 – million – peso Santa Fe SUV this month, as claimed by online car magzines Top Gear Philippines.
San Mugel Corp. the local BMW has also reduced the prices of its luxury 5,6 and 7 class model by one third, this month.
The question arises is what led to such drastic moves by the companies? Due to strict lock down in Philippines from March has led to upsurge in record unemployment. Sales of automobiles plunged down to 85%, as a result. Only 133 units were sold in April, according to Bloomsberg.
