Toyota targets to sell 155,000 units in ’16

Toyota Motor Philippines Corp. (TMP) expects to retain its market leadership this year with vehicle sales seen hitting a record high of 155,000 units.

TMP president Satoru Suzuki said the company originally targeted 145,000 to 150,000 units, but the new goal meant it was confident of mirroring the growth of the entire Philippine automotive industry. Compared to last year, the new sales forecast was higher by 12.5 percent.

“Initially, our sales target is 150,000 units but now we expect sales to reach 155,000 units with the growth driven by new models, strong economy and the market growth. Our best-selling models are the Vios and Fortuner, which are neck and neck in terms of growth rates. But we only started sales of the new Fortuner model last March or April. In terms of total year volume, we expect to have higher sales for Vios,” Suzuki said.

TMP vice chair Alfred V. Ty said the firm was set to capture close to 40 percent of the domestic market share.

Ty said the firm, which is celebrating its 28th year this year, was looking forward to the prospects offered by the government’s Comprehensive Automotive Resurgence Strategy (CARS) program, under which TMP would be investing close to P4 billion. The program provides incentives for car makers with domestic production.

He said investments were now being rolled out for production-capacity related programs, plant modernization, and even beefing up of logistics facilities for the CARS Program. The company was on track to start production of the Vios under the said scheme by 2018.

Ty said the Philippines has been getting global attention for its “true potential” in automotive manufacturing and the CARS Program is seen to be instrumental in making the country a more attractive location for car makers.

“In relation to our neighbors in Asean, we are No. 3 but it’s a far third from Thailand and Indonesia. But this means with our population, our potential is far greater and that’s where the CARS program can help us. With bigger volumes, manufacturing then becomes more efficient, cost becomes more competitive and then that creates lot of opportunities,” Ty said.

TMP also Monday unveiled an upgrade of its best-selling sub-compact sedan, the Toyota Vios, and the stylish hatchback, the Toyota Yaris. Equipped with all-new dual VVT-I engines and CVT transmissions, TMP claimed these were the best versions of the two vehicles.