Exchange rates can have a huge impact on vehicles sold in foreign markets. In fact, prices are normally higher for any vehicle sold outside its domestic market. In the case of the Philippines, prospective Chevy buyers recently had a rude awakening, as GM has drastically raised prices for that market.
According to Top Gear, United States-made vehicles in particular saw the largest increase in price. The 2022 Chevy Suburban Z71 4×4 now costs risen a whopping ₱3,000,000 more. When converted into USD, this represents a hike of roughly $52,000. Keep in mind that a 2022 Chevy Suburban in the US starts at $56,395.
It’s not just the Suburban that’s fallen victim to drastic price increases. The Chevy Tahoe Z71 4×4, the Chevy C8 Corvette Stingray Coupe and Chevy Camaro RS also saw substantial price hikes of ₱2,700,000, ₱2,000,000 and ₱400,000, respectively. When adjusted to USD, this represents $46,000, $34,500 and $7,000, respectively.
Here are the current, updated starting prices of all Chevy Philippines vehicles (USD-rounded prices in parentheses):
- Chevy Spark – ₱694,888 ($12,000)
- Chevy Tracker – ₱1,142,888 ($20,000)
- Chevy Trailblazer – ₱1,488,888 ($26,000)
- Chevy Camaro – ₱3,697,888($64,000)
- Chevy Tahoe – ₱5,076,888 ($87,000)
- Chevy Suburban – ₱5,719,888 ($99,000)
- Chevy Corvette – ₱10,502,888 ($181,000)
These price increases come in the face of current, global developments, such as inflation, transport fees, rising cost of fuel, supply shortages and labor shortages, among other factors. For the sake of prospective buyers in the Philippines, hopefully these prices won’t rise any further anytime soon.
These developments come on the heels of decreased sales in the overall region. Chevy sales in China have fallen over 16 percent year-to-date as compared to last year, for a total 148,600 units. This reflects an overall drop in GM China sales, as sales have fallen almost 20 percent as compared to last year for a total of 1,727,600 units.
Sales Results - Q3 2022 - China - Baojun
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| BAOJUN TOTAL | -72.98% | 10,700 | 39,600 | -76.35% | 42,000 | 177,600 |
Sales Results - Q3 2022 - China - Wuling
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| WULING TOTAL | +3.98% | 321,700 | 309,400 | -8.27% | 919,900 | 1,002,800 |
Sales Results - Q3 2022 - China - Chevrolet
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| CHEVROLET TOTAL | +14.05% | 56,000 | 49,100 | -16.14% | 148,600 | 177,200 |
Sales Results - Q3 2022 - China - Cadillac
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| CADILLAC TOTAL | -5.04% | 56,500 | 59,500 | -22.19% | 140,600 | 180,700 |
Sales Results - Q3 2022 - China - Buick
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| BUICK TOTAL | +11.44% | 185,100 | 166,100 | -22.70% | 476,500 | 616,400 |
Sales Results - Q3 2022 - China - GM Totals
| BRAND | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| BAOJUN TOTAL | -72.98% | 10,700 | 39,600 | -76.35% | 42,000 | 177,600 |
| WULING TOTAL | +3.98% | 321,700 | 309,400 | -8.27% | 919,900 | 1,002,800 |
| CHEVROLET TOTAL | +14.05% | 56,000 | 49,100 | -16.14% | 148,600 | 177,200 |
| CADILLAC TOTAL | -5.04% | 56,500 | 59,500 | -22.19% | 140,600 | 180,700 |
| BUICK TOTAL | +11.44% | 185,100 | 166,100 | -22.70% | 476,500 | 616,400 |
| GM CHINA TOTAL | +1.01% | 630,000 | 623,700 | -19.82% | 1,727,600 | 2,154,700 |
However, there may be some respite moving forward. Chevy China sales were up 14 percent in Q3 2022, for a total of 56,000 units. GM China sales were also up one percent as compared to Q3 2021, for a total of 185,100 units.
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Comments
WOW! Hope GM doesn’t lose any ground with these price increases to the Japanese and South Korean automakers. If Toyota doesn’t move their prices or has a small adjustment it will continue to eat GM’s lunch.
Nothing new. They’re way overpriced in the States, too.