Toyota car parts exports to hit $1B

MANILA, Philippines - Car parts exports of the Toyota Group are expected to reach $1 billion in 2013, with its local subsidiary exporting 30 percent.

Rommel Gutierrez, vice president for corporate affairs of Toyota Motor Philippines Corp. (TMPC) said the value of the Toyota Group’s  first quarter parts exports reached $250 million, exceeding expectations for the period.

This was attributed mainly to the production of the new Vios model in Thailand, Taiwan, Malaysia and Vietnam.

Parts exports include transmissions, constant velocity joints, wiring harness, meter assembly, and switches. 

Shipments of the Toyota Group rose in 2012 to reach $963 million from $802 million in 2011 due to higher shipments to the US, Europe, Japan and ASEAN.

Its Philippine subsidiary Toyota Autoparts Philippines (TA) produces transmissions and velocity joints in its plant in Santa Rosa, Laguna.

The Santa Rosa plant provides parts for TMPC’s assembly operations but exports more than 90 percent of its products to countries such as Thailand, Indonesia, India, South Africa, Malaysia, Vietnam, Taiwan, Japan, Pakistan, and Venezuela.

TMPC currently assembles the Vios subcompact sedan and the multipurpose compact Innova for domestic sale. Other models sold in the Philippines come either from Japan or Thailand.

TMPC plans to hike its total production by 18 percent to 36,000 units of Vios and Innova  this year from a year ago as vehicle demand rises.

The company earlier said demand is rising for the new Vios which accounts for 60 percent of the company’s total sales of completely knocked down units.