Luxury car brand Lexus reported a 122-percent increase in sales to 897 units in the first semester of 2023 from 404 in the same period last year.
Lexus Manila chairman Vicente Socco said the brand secured an upper hand in sales among the luxury car brands with 40-percent market share.
The latest report of the Chamber of Automotive Manufacturers of the Philippine, Inc. and the Truck Manufacturers Association showed that sales of luxury car models reached 2,228 units in six months, with Lexus cornering a 40-percent share that made it the fastest growing brand.
“The popularity of Lexus is a testament to the class-leading brand experience that is offers—from our wide and complete line-up of luxury vehicles, the top rate purchasing experience and unmatched ownership experience that we craft and deliver to our guests,” Socco said.
He said Lexus is leading the way to sustainable mobility with the widest range of electrified luxury models.
“Six of nine of our main models all come with hybrid electric drivetrains. Last May, we introduced our first ever full battery electric model, the RZ 450e. As of June, the share of electrified to total sales has soared to 60 percent, a clear indication of the popularity and acceptance of hybrids as an immediate solution to carbon neutral – yet fun to drive – mobility,” he said.
Lexus sales picked up after the introduction of RZ 450e in May 2023.
Socco said that based on the report of GT Capital Auto and Mobility Holdings Inc., part owner of Toyota Motor Philippines, Lexus is displacing traditional market leaders. Toyota owns the lexus brand.
“Lexus is leading the charge towards electrification with 60 percent of its sales accounted for by hybrid electric variants and its first-ever battery electric model, the RZ,” he said.
GTCAM is a wholly-owned subsidiary of GT Capital and is the vehicle for the management of the group’s mobility initiatives and automotive dealerships.
Based on the GT Capital disclosure, TMP hit pre-pandemic sales levels starting 2022, ahead of the overall market recovery expected in 2023.