Lexus, the luxury division of Japanese automaker Toyota, cornered a 42 percent market share in the luxury car market in the Philippines.    

Toyota Motor Philippines (TMP) Chairman Alfred Ty in a speech at the Media Thanksgiving on Tuesday in Taguig reported that the luxury car market expanded by 37 percent to 4,396 units with the share of Lexus climbing to 42 percent. 

“I am very encouraged that the luxury market continues to grow,” said Ty. 

“What this tells me is that the Filipinos are on their way to a higher quality of life and standard of living, in line with the government’s goal of making the Philippines an upper middle-income society,” he said. 

The growth in the luxury car market also mirrored the strong recovery posted by the domestic motor vehicle industry last year. “The industry is now officially fully recovered from COVID,” declared Ty. 

The total motor vehicle sales of 430,000 units in 2023 has topped the 410,000 units recorded in 2019. “This is wonderful news because the auto industry is such a major contributor to and enabler of the economy. The recovery of the auto industry signals the return to motorization that was waylaid by the pandemic,” he said.

Toyota also continued to be the country’s most popular car brand for the 22nd consecutive year now, setting its new all-time sales record in 2023, with sales shattering the 200,000-unit barrier. 

But Ty said that the biggest story this year for Toyota is its new generation Tamaraw, which is expected to arrive sometime in August this year. 

Ty reported that TMP has  already invested 25 percent of its P5.5 billion investments for the manufacture of Next Generation Tamaraw at its manufacturing plant in Sta. Rosa, Laguna.  

“That’s a full-blown program we’ve been preparing for the arrival of the Tamaraw. By the time we launch it will be expended. We announced it August last year so about one year,” he said.  

“This is very much aligned with the program of government to expand manufacturing activity in the Philippines…it will create jobs, support local parts makers and provide MSME’s with a viable and sustainable mobility solution for their business,” he also said. 

Its drive for electrification will be a continuing focus. “Our fight for carbon neutrality is gaining ground with sales of our hybrids and Lexus RZ BEV increasing their representation in our line-up to 3.6% from 1.2 percent in 2022,” he added. 

In addition, Ty said they are looking forward to gains in its transition to a mobility company. There have been initiatives to elevate car usership in the Philippines.  

TMP already launched a digital solution to enhancing the quality of ride sharing in the country. It piloted this initiative with the Department of Transportation, point-to-point bus lines and even private companies.  

To date, TMP continues to operate a fleet of about 50 corporate shuttles under the “myTOYOTA Shuttle PH” app. It also recently launched the Toyota Community Shuttle Program in Santa Rosa and Pasay City as an expanded pilot program. Called “Libreng Sakay”, this will run for a period of one year. 

Through this program, commuters can easily book their ride using a personal device, monitor the real-time location of the vehicle, and check arrival time. 

Since the establishment of TMSPH, the company has grown its portfolio of mobility solutions. It has established a rent-a-car operation. It is also overseeing vehicle fleet of various companies as part of its  fleet management business.  

“And the growing interest in vehicle leasing is really encouraging,” said Ty.

Furthermore, Ty reported that TMP Tech School is now back to full operations following Covid. 

At the end of 2023, the automotive school has a population of 667 students with 38 graduates have already been dispatched to Japan.