Toyota Motor Corp. set a bullish year-end forecast of capturing nearly half of the Philippine automotive market in 2024.
With a projected industry size of 476,000 units, Toyota intends to sell over 200,000 vehicles, asserting its dominance in the local industry.
“We are expecting a record-high market size of 476,000 units this year. To keep pace with this rapid growth, we must increase our sales. We aim to sell over 200,000 units by the end of the year, capturing nearly half of the market share,” said Toyota president Masando Hashimoto.
He said the country’s positive performance and government support would contribute to the robust growth of the Philippine automotive market.
He said lower interest rates, inflation and increased remittances from overseas Filipino workers are boosting consumer confidence and driving demand for vehicles.
The government’s supportive policies, including the Comprehensive Automotive Resurgence Strategy (CARS) program, also created a favorable environment for automotive manufacturing and investment.
While Toyota is confident in its ability to achieve its target, the company acknowledges the challenges associated with balancing local production and imports.
Toyota seeks continued government support, including clear policies for both local manufacturing and vehicle imports.
Hashimoto also revealed plans to expand its dealer network in the Philippines, alongside a scheme to introduce new models, including the locally-manufactured Tamaraw, which is expected to launch in November 2024.
He said the leading car company prioritizes sustainability in its expansion and production blueprint.
The company believes that a multi-pronged approach—including hybrid electric vehicles (HEVs), hydrogen fuel cell vehicles, and biofuels—is necessary to achieve significant CO2 reductions.
