Updated:2024-10-29 03:33    Views:80

The Philippine unit of automotive giant Toyota is looking to sell more than 200swerte gaming,000 vehicle units this year, signaling continued optimism from the country’s leading brand.

This is seen to replicate, if not surpass, total sales output last year. The company sold 200,031 vehicle units and ended the year with a 46.54 percent market share in 2023, according to industry data.

Toyota Motor Philippines Corp. president Masando Hashimoto said that cooling inflation and strong remittances from overseas Filipino workers, along with the rate cut from the Bangko Sentral ng Pilipinas, would help them achieve their target sales volume.

Article continues after this advertisement

READ: Toyota PH pledges P5 million assistance to Kristine victims

FEATURED STORIES BUSINESS DTI mulling more funds for typhoon-stricken businesses BUSINESS BIZ BUZZ: Hizon goes back to TV, joins ANC BUSINESS MVP-led NBC selling radio assets to Romualdez company

“All the good news is supporting the industry as a whole,” Hashimoto told reporters on the sidelines of the 9th Philippine International Motor Show.

From January to September, Toyota Motor Philippines sold 159,088 vehicle units, retaining a leading market share of 46.62 percent, based on data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association.

Article continues after this advertisement

“In the case of Toyota, 60 percent to 70 percent of the customers are choosing to finance [their purchases],” Hashimoto said, when asked if Filipinos are buying in cash or through loans.

Article continues after this advertisement

Meanwhile, Hashimoto projected that sales volume would reach 476,000 for the full year.

Article continues after this advertisement

Last year, 429,807 units of new vehicles were sold in the Philippines.

Sales volume stood at 352,596 units in 2022, 268,488 in 2021, 223,793 in 2020 and 369,941 units in 2019.

Article continues after this advertisement

Campi president Rommel Gutierrez estimated that vehicle sales would easily grow by 10 percent in 2025. INQ

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.swerte gaming

READ NEXT MVP-led NBC selling radio assets to Romualdez company Copyright breach in election campaigns EDITORS' PICK FPJ Panday Bayanihan Partylist sends relief goods to storm victims Persons of interest identified in Zamboanga abduction of US Citizen UAAP: 'Do-or-die' approach has UST winning again Duterte admits to having 'death squad,' later insists it’s not one Duterte tells Senate: I have a death squad Leon intensifies further, signal no. 1 up in Luzon, Visayas areas MOST READ Tiñga questions increase in Taguig council seats at SC Leon may turn into typhoon; Signal No. 1 over parts of Luzon, Visayas House committee chair cites 2 possible grounds for Sara impeachment Duterte tells Senate: I have a death squad Follow @FMangosingINQ on Twitter --> View comments

• to
• swerte gaming
• seen
• Toyota
• Maintain

---