"The introduction of the Vios completes Toyota’s passenger car line-up which include the Altis and Camry," TMPC president Nobuhara Tabata said.
Priced at a competitive range of P550,000-P700,000, Tabata said Toyota expects a monthly sales of about 300 units for the Vios.
"Toyota hopes to be able to meet its overall sales target of 1,000 units a month and ensure its grip on the overall number one rank in automotive sales," Tabata said.
Altis sales are placed at about 400 units a month while that of Camry is projected at 100 -150 units a month.
Sales of other passenger vehicles such as the RAV 4, Hi-Ace are expected to make up for the balance.
Toyota accounts for 43 percent of the passenger car market.
TMPC senior vice president Serafin Pantaleon said that while the Vios is a completely built-up (CBU) import from Thailand, "Toyota remains committed to its CKD (completely knocked down) assembly operations in the country."
"Toyota would continue to locally assemble its Altis, Camry and Revo models in the Philippines," Pantaleon said.
"Toyota, however, would resort to CBU imports to complement its wide range of vehicle models and to respond to market demand," he added.
Pantaleon further assured that Toyota remains committed to its components and transmission exports.
TMPC’s exports of automotive components brought in $305 million last year.
This year, TMPC expects a higher sales of $330 million from its component exports.
The Vios is expected to compete with the recently launched sub-compact sedan model of Honda, the City which is also priced at P550,000-P695,000.