Toyota Motor Philippines Co. is set to invest nearly P500 million this year to raise the production output of its facility in Sta. Rosa, Laguna, and further increase the local content of the Vios, which is being produced here.
This planned investment is way above the P40-million capital outlay initially planned for this year by TMP, company president Michinobu Sugata said in an interview.
“This year, TMP will have to increase the production capacity of its Santa Rosa Plant by installing two additional painting robots to catch up with the market expansion. TMP will aim at the production volume of nearly 40,000 [units] as compared to 35,481 units last year,” Sugata told the Inquirer.
“On top of that, in the middle of this year, we will localize 15 more stamping parts for the new Vios at the press shop of our Santa Rosa Plant. The total investment amount will be nearly P500 million,” he added.
TMP is bullish on its prospects for 2014 given the company’s robust sales performance last year.
This was despite challenges such as the devastation wrought by natural calamities, as this affected not only the vehicle sales of TMP, but that of the whole industry as well.
According to Sugata, TMP even managed to surpass its sales target in 2013.
“[The company has] successfully finished [2013] with its record sales, more than our target of 75,000 units. The official number will follow soon. This can be attributed to stable supply and the introduction of new models such as new Vios, which will definitely be the best-selling vehicle in the Philippines,” he said.
For 2014, TMP wants to challenge its set target sales of 90,000 units through the introduction of new models. The company’s sales projection took into account the forecast increase in the sales of the Philippine automotive industry.
Based on the official market forecast of the Chamber of Automotive Manufacturers of the Philippines, vehicle sales by its member firms are expected to increase by 10 percent to 231,000 units this year, due largely to the “expected stable GDP (gross domestic product) growth and the [increased] confidence in consumer spending.”
Campi’s target sales for 2013 stood at 210,000 units. The final tally is expected to be released within the week.