Toyota Motor Philippines (TMP) has invested an additional Php2 billion for the local assembly of the 2014 Vios, the Japanese automaker’s most successful model in the local market. The Vios model has been assembled in the Philippines since 2004, and is currently on its third generation. The investment includes production facility upgrades which increase the plant’s production capacity of 30,500 to 33,300 units. Aside from the Vios, Toyota also assembles the Innova MPV at their Santa Rosa, Laguna facility.
The additional capital investment as well as planned part localization of up to 40% for the Vios has netted the Japanese automaker income tax incentives with the Board of Investments (BOI).
However, Toyota is looking to produce 36,300 vehicles this year to meet demand for the newly launched subcompact, representing an 18% increase from last year. The automaker is looking at assembling 15,000 units of the new Vios for the remainder of 2013. TMP President Michinobu Sugata shared that employees will be working overtime and holidays to achieve the target.
The investment represent’s the brand’s commitment to the Philippines as the country’s top automaker. TMP also celebrates 25 years in the Philippines this year and will be inaugurating the Toyota Motor Philippines School of Technology next month.