Toyota surpasses last year’s output with still 2 months left

TOYOTA Motor PH president Michinobu Sugata, the driving force behind TMP’s phenomenal performance, with the Vios race car

MANILA, Philippines–With still two selling months remaining, Toyota Motor Philippines (TMP) has already sold 86,794 units, surpassing what the company achieved for the whole of 2013.

TMP sold a total of 75,587 units last year.

“This is the first time any local car brand experienced such performance in terms of vehicle sales. I should thank the continued robust economy that has given us the momentum to achieve this sales milestone. Toyota has also foreseen the market demand to be strong before the long holidays and took action by ensuring supply of vehicles to meet the requirements of the consumers during this period,” said TMP president Michinobu Sugata in a statement.

As a result, TMP is on schedule to maintain its market leadership—an impressive 45.2 percent for the first 10 months of 2014—as well as the “Triple Crown” title it holds for the past 11 consecutive years. To achieve this feat, a car company must finish the year as the country’s No. 1 in passenger car and commercial vehicle sales, as well as in overall sales.

Strong performances

TMP attributes this feat to the strong performances of its locally manufactured Vios and the newly introduced compact hatchback Wigo in the passenger car segment that combined for 35,163 units at the end of October. Aside from having a higher buying power, consumers find these two models more affordable and practical, according to Sugata.

He added that both the Vios and Innova continue to be the most important models in its lineup, as these two make up close to 40 percent of TMP’s sales. “Therefore, if an acceptable auto road map can be in place soon, this will further boost demand for locally assembled vehicles and support motorization in the country.”

Meanwhile, Sugata attributed TMP’s excellent performance in the commercial vehicles segment—with 51,629 already sold as of end-October—to various business sectors’ growing requirement for vehicles.

Remarkable growth

TMP’s remarkable growth of 41.92 percent versus the previous year also reflects the Philippine automotive industry’s achievements. On a year-to-date basis, the industry has already sold 192,005 units, a 30-percent growth from what was achieved from January to October 2013.

With a steady GDP growth of 6.4 percent, all car brands in the Philippines are expected to take advantage of such a favorable market trend for the rest of the year.

In fact, the industry group Chamber of Automotive Manufacturers of the Philippines Inc. has already jacked up its sales target for 2014 to 250,000 vehicles from the earlier projection of 230,000 vehicles.