Toyota sees sales jumping 10% in 2019

THE country’s leading car manufacturer is expecting to rebound its sales next year by 10 percent on the back of stronger consumer demand in time for the midterm polls.

Toyota Motor Philippines Corp. (TMP) is bullish it will recover next year after a dismal sales performance this year. The leading local vehicle producer is looking at a minimum of 10-percent sales growth in 2019. This could increase to as high as 15 percent.

TMP Vice President for Corporate Affairs Rommel T. Gutierrez said the industry’s top dog is forecasting a 10-percent growth next year due to favorable economic factors. For one, he claimed consumers are slowly adjusting to the price regime under the Tax Reform for Acceleration and Inclusion law. “I think [growth in sales will be] 10 percent next year from the actual, whatever the actual figures will be this year,” he said in a recent interview with reporters. He attributed this to the recovering market for automobile, which suffered a general decline this year due to various economic factors, such as the imposition of excise tax on vehicles under the TRAIN law.

On top of market recovery, Gutierrez argued there will be more consumers in need of vehicles next year. The midterm polls in May is expected to drive up demand for cars that will be used by candidates during the campaign.

“There are many buyers during the elections season, as cars are used for campaigning,” Gutierrez said.

He added almost all firms have positive projections during election season. The only thing TMP has to do, he noted, is to take advantage of the upcoming polls.

As a member of the industry-wide Chamber of Automotive Manufacturers of the Philippines, TMP is one firm that suffered sales decline for the year. Recent joint report from the Campi with the Truck Manufacturers Association showed industry sales from January to November fell 14.4 percent to 325,465 units, from 380,179 units during the same period last year. Elijah Felice E. Rosales