5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

Sonet boon

by
August 11, 2024
in Stock
0
Sonet boon

1 of 9

EXECUTIVES of Kia Philippines are probably waxing lyrical right now about the Sonet.

Not even two months since the launch of the compact crossover here, more than 700 units already found homes in people’s garages. Said Kia Philippines Motor Corp. (KPMC) President and ACMobility Head of Automotive Distribution and Retail Toti Zara III in a speech ahead of a recent drive with members of the press and content creators, “The whole organization is very excited about the Sonet because we feel it is the right car at the right time, at the right place, at the right price. We in Kia need to seize the opportunity.”

And seize it Kia did, with great results.

Meanwhile, in an interview with “Velocity,” Kia Philippines Marketing Director Patrick Manigbas reported, “The Kia Sonet is now our volume driver, as anticipated. That’s how we planned and positioned it. It’s meeting and even slightly exceeding expectations. A lot of our dealers are already requesting for more units.”

The key, he added, lies in ticking boxes not normally done so in the segment and price point. “We call it an entry-level SUV, but it’s not really entry level in terms of features,” Mr. Manigbas averred. “It has ADAS (advanced driver assistance system), a very capable engine, sunroof. I think it represents the formula of getting the right mix or product balance for the Philippine market.”

The Sonet is said to be in a “sweet spot,” with its pricing allowing it to compete at levels below the traditional “psychic barrier” of P1 million. The base variant 1.5 LX MT is priced at P758,000, the 1.5 LX AT at P888,000, and the 1.5 EX AT at P998,000. Only the range-topping 1.5 SX AT (which we drove) breaches the aforementioned mark, as it is priced at P1.158 million.

“Where would you find advanced driver assist systems in a model in this segment?” stressed Mr. Zara, referring to the SX AT’s lane keeping assist, lane following assist, forward collision avoidance assist, downhill brake control, high beam assist, and driver attention warning — in addition to cruise control which is standard on all variants, save for the entry-level 1.5 LX MT.

As the market response to the Sonet has been better than expected, Kia Philippines now finds itself with a good problem — with supply being overtaken by demand. Aside from the 700 units sold, there is “about the same number of bookings,” shared the executive. “When we launched the car, we had 900 or 1,000 units on the ground, now all spoken for. Unfortunately, we do have back orders; there was a delay in the shipment. We realized that people love the masculine and modern design of the Sonet relative to its direct competitor.” He added cheekily, “You know what that is.”

Mr. Zara promised, “By early fourth quarter we should be able to catch up with customer back orders. We apologize to all our customers who we’ve not been able to serve. We’re addressing it and are encouraged by the market take-up.”

Driving southward from Taguig to Cavite and Batangas, our convoy of Sonet units went through a mix of terrain and driving situations — made even more diverse when the skies dumped rain on us while we were in Tagaytay. Even through twisties and inclines, the Sonet’s 1.5-liter four-cylinder Smartstream gasoline engine, mated to an Intelligent Variable Transmission (IVT), proved adequate for realistic expectations. If you desire a bit more response and agility, keep the drive mode at Sport to more readily access the 115ps and 144Nm of torque promised by the mill. Keeping the revs above 2,000rpm also helps when going uphill.

Inside, the SX AT boasts an all-digital affair, with similarly sized 10.25-inch infotainment and instrument screens. Other touches including two-tone leather seats adding to a more upscale feel and finish. Apple CarPlay and Android Auto connectivity are supported, and the vehicle also offers wireless charging.

The timing of the Sonet’s release, maintained Mr. Zara, coincides with the continued resurgence of the auto industry. “The industry is very strong,” he observed. “It looks like it’s trending to hit more than 474,000 in sales — a record-high. We feel it’s the right time because (Kia) has a very strong and mature dealer network. We’ve completed the transition to the new CI (corporate identity), and we’ve been working on our after-sales… we now have better parts availability and technical competence.”

Joined Mr. Manigbas, “We came into the market targeting millennials, which we call the practical indulgers. To echo Mr. Zara’s point, even during the launch back in June 6, this is the sweet spot in terms of pricing in the market. Those who are looking to buy their first SUV would gravitate to something like this.”

The executive added that the crossover segment is expected to continue growing as more Filipinos — particularly a younger demographic — are able to buy new vehicles. “Sedans will still be there, but we see SUVs really driving growth. That’s the trend we’re seeing.”

Previous Post

Hive Health raises $6.5 million to transform HMO access for more SMEs

Next Post

Meralco’s MGen steps back from Laguna hydropower complex bid

Next Post
Meralco’s MGen steps back from Laguna hydropower complex bid

Meralco’s MGen steps back from Laguna hydropower complex bid

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Hived raises $42m to roll out electric delivery fleet across southern England

    Hived raises $42m to roll out electric delivery fleet across southern England

    July 5, 2025
    Tesla sees UK sales rebound in June as EV market accelerates

    Tesla sees UK sales rebound in June as EV market accelerates

    July 5, 2025
    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    July 5, 2025
    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    July 5, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.