CLARK, Pampanga—Toyota Motor Philippines Corp. expects to exceed its target this year, as it sees vehicle sales hitting some 120,000 units on the back of rising domestic demand and a strong local economy.
“For the first half of this year, we sold 57,717 units. We expect our sales to reach 110,000 units. Our sales may even reach 120,000 units if the market will continue growing,” TMP president Michinobu Sugata said on the sidelines of the launch of the all-new Hilux held here on Tuesday night.
According to Sugata, the locally assembled Vios model is expected to remain TMP’s best selling nameplate for this year. This model will be applied for participation in the government’s Comprehensive Automotive Resurgence Strategy program, which dangles P27 billion worth of incentives to vehicle assemblers and auto parts manufacturers.
“I cannot say when (we will apply) but I can say that the Vios is the most probable candidate for the CARS program,” Sugata added.
Under the CARS program, the Philippines is expected to attract more than P27 billion in new parts manufacturing investments; produce at least 600,000 vehicles; generate some 200,000 new jobs; and generate a total economic activity estimated to be worth P300 billion. The resulting contribution to gross domestic product was estimated at about 1.7 percent.
In the meantime, TMP launched here the 8th generation Hilux, a premium pick-up seen to enable the company to regain market leadership in this segment after losing it to a competitor last year, Sugata said.
According to Sugata, sales of the Hilux are expected to hit 900 units a month, or as much as 5,400 units within the second half of this year, given the improvements made in this model.
“The Hilux has gained a following since it was first introduced in the Philippines in 1993. We have sold 56,417 units of the Hilux over the past 22 years. This is a clear indication how this model has been loved by thousands, giving it the name, ‘King of the Pick-ups,’” Sugata said.
“We are confident that this new generation will gain even more fans due to its beautiful look and additional features that both current owners and hardcore offroaders will love,” he added.
The all new Hilux is offered in six shades and seven variants with prices ranging from P929,000 to P1.685 million.