Toyota Motor Philippines (TMP) expressed optimism on hitting record-high sales in 2023, surpassing the 83,908 units it sold in 2017.
TMP president Atsuhiro Okamoto said the company saw growth across all its model lines, including electrified vehicles, this year.
“Sales of Toyota and Lexus electrified models increased by a strong 150 percent on a year-on-year basis, now contributing 2.7 percent to total TMP sales. Lexus is also sustaining its robust growth and continues to lead the luxury segment of the market. The seasonally high demand for autos during the holiday season, the usual surge in year-end OFW remittances and an expected rise in consumer and government spending all point to a solid finish for this year,” he said.
The car company reported vehicle sales of 144,232 units from January to September, up 16 percent from 124,884 units in the previous year.
TMP’s record performance in the nine-month period was supported by the improving sales of its newly-launched hybrid electric vehicle models along with the easing of supply chain issues that were felt the previous year.
TMP introduced the all-new Alphard Hybrid Electric Vehicle (HEV) in August and the new Hilux GR-Sport in September. It also opened its 74th dealership in Ormoc City, Leyte.
The country’s automotive industry reached retail vehicle sales of 306,285 units in the first nine months of 2023, a 25-percent growth from 245,656 units in the same period last year.
“We are very encouraged by the 25-percent growth in the automotive market in the first three quarters of 2023. This is a strong indication of the return to motorization that is an essential enabler of economic growth in the country,” Okamoto said.
TMP reported a 22-percent increase in consolidated revenues to P162.8 billion in the nine-month period from P133.4 billion a year earlier. Net revenues also jumped by 159 percent to P10.9 billion from P4.2 billion.
“TMP continues its growth trajectory with nine-month sales already exceeding pre-Covid levels by 26 percent. The total vehicle market, on the other hand, has also finally breached comparable 2019 January to September sales volumes by 3 percent. The regularization of vehicle supply chains, the slew of new model introductions and, importantly, the renewal of auto consumer financing have all contributed to the sales resurgence this year,” Okamoto said.
TMP remains the country’s most dominant automotive brand with a 47.1 percent overall market share in the first nine months of 2023.
