Back in 2016, the Board of Investments (BOI) approved Toyota Motor Philippines' (TMP) proposal for the Comprehensive Automotive Resurgence Strategy (CARS) Program. The automaker was slated to produce 230,000 units of the Vios over the next six years at their factory in Santa Rosa, Laguna, starting in 2018.
Fast forward to 2020, and it looks like TMP will be able to produce the required number of locally-produced cars. Recently, TMP Chairman Alfred Vy Ty shared the company's achievements and accolades from last year. The company beefed up its efforts to stimulate the market through various customer service and value-added activities.
The result is a total sales figure of 162,011 vehicles sold by Toyota back in 2019, which translated to a 39.5% market share for the year. Out of that monumental figure, 54,028 units were produced locally at the company's assembly plant in Laguna. For Ty, this shows that the company is committed in the development of the local automotive industry. Moreover, Ty mentioned that the Vios is on its way of achieving the required number of units built under the CARS Program.
“TMP's locally-assembled flagship passenger car, the Toyota Vios, which is entered under the CARS Program, remained as the country's best-selling vehicle with 33,181 units sold. This puts Toyota on track to deliver its commitment under the program,” said Ty.
Ty added that despite the company's momentum in 2019, they are moving forward with 'cautious optimism'. “While experts anticipate an economic rebound in 2020, many of the projections are built on volatile environments – global financial conditions, US-China trade negotiations, and consumer-spending behavior,” added Ty.
The company expects that the Philippine economy will continue to grow with government spending, better inflation rates, as well as improved monetary settings. On the automotive side of things, TMP projects that they will achieve a modest increase for the first half of 2020. However, they remain optimistic that they will be able to achieve a higher increase in growth for the second semester of 2020.