Toyota Motor Philippines (TMP), a subsidiary of the Ty family’s GT Capital Holdings, reported  that its consolidated net income zoomed 159 percent to P10.9 billion in the first nine months of 2023 from the P4.2 billion earned in the same period last year.

In a statement, the firm said it achieved consolidated revenues of P162.8 billion from January to September of 2023, reflecting a 22 percent increase from P133.4 billion in the same period last year. 

TMP registered retail vehicle sales of 144,232 units from January to September of 2023, a historic high for the period and a 16 percent increase from 124,884 units in the previous year. 

This record performance during the period was supported by the improving sales of TMP’s newly-launched hybrid electric vehicle models, along with the easing of supply chain issues that were felt the previous year. 

Moreover, with the resumption of motorization in the Philippines, 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. 

TMP said it remains the country’s most dominant automotive brand with a 47.1 percent overall market share for the first nine months of the 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,” said TMP President Atsuhiro Okamoto.

He added that, “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 noted.

The chief executive also said that, “Toyota is on track to achieve a new all-time sales high in 2023, beating its 183,908 unit record back in 2017. Growth is seen across all its model lines with sales of electrified vehicles experiencing significant gains.”

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,” Okamoto said.