BREAKING: Ayala-owned AC Motors to take over BYD distributorship; changes in AC Motors underway

BREAKING: A reliable source who wishes not to be identified has confirmed that AC Motors, the Ayala-owned distributor of Volkswagen, Maxus, and Kia vehicles, will take over the BYD brand in the country. An announcement is likely to be made by August 11, 2023.

This development follows a recent internal company announcement that Jaime Alfonso Zobel de Ayala will become the new president and CEO of AC Motors.

Jaime Alfonso is the only son of Jaime Augusto and Lizzie Zobel de Ayala; he is part of the 8th generation of the Zobel de Ayala family. Before his new appointment, he was the Head of Business Development and Digital Innovation at Ayala Corporation. 

According to our well-placed source, the impending change of distributorship by BYD will make the current distributor, Solar Transport and Automotive Resources Corp. (Solar Transport), a dealer of the brand. 

Also Read: EXCLUSIVE: BYD to expand in PH market, targets late 2023 start

Corporate streamlining now in effect

The changes in the top management of AC Motors will also bring changes to the structure of the automotive businesses handled by Ayala.

Iconic Dealership Inc., AC Motors' dealership business which currently handles Volkswagen, Kia, Maxus, and KTM showrooms, will also take in Honda and Isuzu dealerships under its wing starting August 1, 2023. IDI's current president, Toti Zara, remains in charge of the dealership business. 

Autofun Philippines contacted an AC Motors representative, but no comment has been provided as of press time. 

More updates about this breaking story to follow.