The perennial leader in total vehicle sales has launched a new model of its Corolla car Wednesday night, aiming to take a bigger share of the passenger car market Honda Cars Philippines has ruled in the last four years.
Takeshi Fukuda, TMP president, said he expects the new Corolla to fare better than Honda’s new Civic launched two months ago.
The new Corolla was developed to assume the look of the luxury car Lexus, a brand Toyota owns. It was specifically designed for different markets outside of Japan and the United States and is being endorsed by Hollywood star Brad Pitt.
"I hope to displace Honda," Fukuda said.
The TMP is looking at selling 1,000 units of the new Corolla until the end of the year. "If we sell this much, then it is already an indication that the market has accepted the product," Fukuda said, adding that the old, lesser-priced variant of the Corolla would still be available.
Overall, the TMP is aiming to sell some 22,000 vehicles this year. However, it may not easily achieve this goal since it had already fallen short of its target for the first half of the year, selling only 8,652 units from January to June.
Fukuda said the economic slowdown has indeed taken its toll on the local automotive industry. The Chamber of Automotive Manufacturers of the Philippines (CAMPI) revealed this month that motor vehicle sales had dropped by 14.8 percent this year compared to last year, with car sales showing the biggest decline at 27.6 percent.
Fukuda said the decline in sales had prompted manufacturers to come up with better products at lower prices to remain competitive.
Aside from Honda, other carmakers like Nissan, Isuzu and Mitsubishi have launched new products recently. Nissan Motor Philippines came up with a gadget-filled Sentra Exalta car last month and Isuzu Philippines followed suit with a new HiLander Crosswind that had the trimming of a sport utility vehicle. Mitsubishi Motors Philippines, on the other hand, launched last week a new model of its Adventure which is now being positioned as a family vehicle.
Fukuda said TMP is feeling the pressure of being the leader as all manufacturers are showing determination to make and sell the best-looking and best-priced cars.
"Everybody wants to be number one, so we’re doing everything to provide better products," he said. – Marianne Go