Auto industry may not hit sales target this year

Toyota Motor Philippines Corp. (TMPC) president Nobuharu Tabata is not optimistic that the local automotive industry will reach it sales target of 100,000 units this year even as TMPI itself expects to exceed its own sales target.

"Toyota is expecting to sell 30,000 units this year with its strong line-up of passenger and commercial vehicles," Tabata said.

Toyota is already No. 1 in terms of total vehicle sales with a 35-percent market share.

Last year, Toyota sold a total of 28,000 units.

The expected overall drop in local automotive sales, Tabata said, is due to the uncontrolled entry of imported second hand vehicles.

Last year, total industry sales amounted to 92,000 units.

Toyota, Tabata said, is fortunate that both its passenger and commercial vehicles are selling well.

Because of its optimism, Toyota Monday night launched its 2004 midsize luxury sedan, the Camry which now features an even larger engine capacity of three liters.

Tabata said that in spite of the high fuel prices, there is still a market for midsize luxury sedans.

The 2004 Camry comes in three variants with the corresponding price tag of P1.68 million for the three liter; P1.48 million for the 2.4V and P1.295 million for the 2.4E variant.

It is intended to compete with the Nissan Cefiro, Honda Accord, the BMW, Volvo and Mercedes Benz.

Toyota, Tabata said, hopes to sell about 150 units a month of the new Camry.

Toyota, Tabata said, already controls 54 percent of the midsize luxury sedan market and with the new features of the Camry hopes to increase its share even more.

The new Toyota Camry, Tabata said, is being assembled locally in Sta. Rosa.