All cylinders firing for Toyota with Innova launch; Wigo next

Toyota Motor Philippines (TMP) is venturing into the small hatchback category through the upcoming introduction of Wigo, the automotive firm’s first foray into the low-cost segment.

 

“This segment is gradually expanding. When motorization takes place, it will start from the low-cost segment, primarily because of the affordability, so we decided to put out a new product [within this category],” TMP president Michinobu Sugata said on the sidelines of the new Innova launch on Tuesday.

 

Based on estimates, vehicles in this segment are selling at a rate of about 2,500 units a month—one that is seen to continue growing over the next several years. Filipinos, he added, also have a penchant for small and compact vehicles, given their affordability and fuel efficiency, thus affecting other vehicle segments.

 

“Overall, the luxury car market, where Lexus belongs, has declined. The market of Camry, the medium-sized passenger car, is also shrinking,” he further said.

 

The sales of Wigo, which will retail for around P450,000 to P530,000, is  expected to reach at least 500 units a month or 6,000 units for 2014. It will rival several existing models like the Mirage and Eon. The Wigo is seen to serve as a second car for current Toyota owners, and new buyers are expected to come out.

 

According to Sugata, there are no immediate plans to locally assemble the Wigo due to the cost competitiveness issues.

 

“We have no plans yet. It’s not easy because we have no suppliers, as most suppliers are in Indonesia. Cost-competitiveness-wise, it’s a bit difficult. But of course, we’ll look for a chance,” he further said.

 

TMP vice chair Alfred Ty, meanwhile, noted that the decision to locally assemble small cars will depend largely on the issuance of the much-awaited automotive road map.

 

Ty said they are looking forward to the Department of Trade and Industry’s pronouncements that it will be issuing the roadmap by the end of the first quarter.

 

“We’d like to have a third model in our assembly, but it’s up for discussion,” Ty added, without citing which model it is eyeing. The company’s facility in Sta. Rosa, Laguna, assembles the Vios and Innova.

 

Revitalize MPV segment

 

Meanwhile, TMP launched the new Innova last Monday, with monthly sales seen to reach some 1,200 to 1,300 units. This model is seen to revitalize the multipurpose vehicle (MPV) segment, according to Sugata.

 

“We think the MPV market is still a big chunk of the market so we continue to put some changes in the Innova,” he added.

 

Locally manufactured in Sta. Rosa, Laguna, the Innova, one of the most sought-after commercial vehicles in the market, has been given a refreshed new look.

 

Built with a stronger design to augment its presence on the road, the Innova comes with a newly sculptured radiator grille letting it give out a more robust attitude. New dynamic bumpers and fog lamps have been loaded to add complexity to the fascia of the vehicle.

 

The Innova is powered by the same reliable engine that customers have come to appreciate over the years of Toyota’s assurance of superior quality, durability and reliability.

 

The 2.5-liter diesel, four-cylinder, inline 16-valve, double overhead camshaft (DOHC, turbocharged) and the 2-liter gas, four-cylinder, inline 16-valve DOHC both deliver optimum performance in any road condition.

 

The new Toyota Innova is available in seven colors, namely freedom white, thermalyte, black, red MM, dark brown MM, gray metallic and white pearl option for an additional P15,000. It also comes in four grades with 12 different variants to offer: J grade starting at P832,000; E grade starting at P942,000; G grade starting at P1.058 million; and V grade, which starts at P1.206 million. An optional white pearl color is available in the V and G grades.