Geely Philippines holds off on vehicle price increase until April 2021

Geely Philippines has announced that it will be retaining its vehicle prices until April of 2021. The automotive brand behind popular vehicles such as the Geely Coolray, Geely Azkarra, and Geely Okavango has also stated that it has enough stocks to last the month. This means, however, that customers who want to get their hands on a unit better act quickly as the time frame to get the vehicles at a more affordable price is closing.

Here is Geely Philippines’ full statement:

“At the beginning of the year, the Department of Trade and Industry (DTI) has slapped additional safeguard tariff on most vehicle imports in response to a petition seeking to save local vehicle assembly operations. This moved Sojitz G Auto Philippines (SGAP) to announce pending price adjustments on its vehicles such as the Coolray, Azkarra, and Okavango. 

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.”

In May, expect to see Geely vehicles increase in price by P70,000 or more depending on the model. The price increase could remain steady in the coming months after May, however, prices could drop again by June as this is when the results of the investigation of the Department of Trade and Industry, along with the Tariff Commission, are set to be released. The results of the case could determine if Safeguard Duties are really needed in the Philippines or if these should be dropped entirely in favor of something else.