Toyota expects to overshoot 2008 target

Japanese auto giant Toyota Motor Philippines Corp. (TMPC) will likely overshoot its target this year with sales reaching about 50,000 units, a top company official said.

“We will surpass our initial forecast because the first eight months have been good,” TMPC executive vice president Rommel T. Gutierrez said in an interview at the sideline of the launch of Toyota ’s IMV (Innovative Multi-purpose Vehicle) series.

Latest figures indicate that TMPC’s sales from January to August surged 11 percent compared to the previous year.

“With the introduction of the new Innova, Hilux and Fortuner, we expect Toyota to grow even more,” Gutierrez added.

The IMV segment makes up a third of TMPC’s total sales.

TMPC president Hiroshi Ito said with the introduction of the new variant, they expect to sell 100 more Hilux pick-up units per month, from the current sales of 200 units per month.

For the Fortuner, Ito said they expect to sell 500 units per month while they are targeting monthly sales of 1,000 units for the Innova.

The new Innova, Ito said, is more sophisticated and offers more comfort while the new Hilux  is tough, sophisticated and modern.

The Fortuner, meanwhile, is expected to continue dominating the SUV market as it is marketed as powerful, luxurious and sporty.

“In our local market, the introduction of the IMV line-up more than three years ago effectively helped transform the automotive scene. Aside from being catalysts of sales growth in their respective segments, the Hilux, the Fortuner and the Innova injected new life in how we perceive these commercial vehicles,” Ito said.

“We would not say that Toyota started a revolution, but rather, the IMV helped change our customers’ lifestyles,” he added.

For his part, Kaoro Hosukawa, chief engineer of the IMV series of Toyota, said the Philippines plays a major role in the IMV market as the Innova is assembled locally and the country is exporting auto parts.

“The Philippines plays an important role for the IMV’s performance globally. In terms of production, TMPC locally manufactures the Innova as one of its biggest volume models. Toyota Autoparts Philippines also produces and exports IMV parts to various countries all over the world,” he said.