Automotive industry leader Toyota Motors Philippines (TMP) is confident to bring its sales performance this year back to pre-pandemic levels despite continuing challenges in supply disruption and cost pressures from weak Philippine peso.
TMP Senior Vice President for Marketing Jose Maria Atienza said that TMP expects to reach this year the same level as 2019 or around 160,000 unit sales based on its improved performance.
“As of June we’re at 80,000 units, we were doing 160,000 units pre-pandemic. We are targeting pre pandemic levels,” he said noting they are at pace to reach target.
He, however, expects its market share to dip because of the abnormal situation following supply disruption globally and the entry of other brands into the domestic market. As of June this year, TMP has cornered a huge 51.71 percent market share.
“We’re coping. It should correct with the supplies coming in from other brands,” he said.
The supply disruption has affected its completely knocked down units, completely built up and parts. Aside from its imported CBU brands, TMP assembles two brands – Innova and Vios — at its Sta. Rosa, Laguna plant.
TMP is supporting Vios, its enrolled sedan model in the government’s incentive-driven Comprehensive Automotive Resurgence Strategy program, where demand is also good despite the many competitors in this segment, he said.
Aside from the supply issue, Atienza said that foreign exchange is a big pressure on TMP. In fact, he said, TMP has already raised prices of its products by 3-4 percent since January this year, partly due to the weak peso. The local currency has weakened against the US dollar reaching as low as P56 recently. On Friday, the peso hit P55.61 against the greenback.