Speaking before reporters at Toyota’s annual media gathering held Monday night, Toyota Motor Philippines Corp. (TMPC) president Hiroshi Ito said the car industry is expected to grow slower this year.
Ito said the industry had a difficult time last year and will be facing bigger challenges in 2007.
In spite of this, Ito said Toyota is looking at sustaining or even surpassing its sales and growth target. "The year 2006 can be remembered as one of the most trying and memorable period in our history," Ito said.
Earlier, Toyota disclosed that last year it grew faster than the industry. Based on the report from the Chamber of Automotive Manufactures of the Philippines, Inc. (CAMPI), Toyota sold a total of 38,256 units from January to December last year representing a 38.4-percent market share, an eight percent growth compared to the same period last year.
In the passenger car category, Toyota captured 36.5 percent of the market with total sales of 13,918 units. The Vios is the 2nd best-selling vehicle in the country with 9,406 units sold. Compared to the same period last year, the Vios registered a 13-percent growth. The new Camry, introduced in September, has dominated the midsize segment with 58 percent market share.
In the commercial vehicles category, Toyota was able to capture the leadership position in the pick-up, sports utility vehicle, and multi-purpose vehicle segments with the Hilux, Fortuner and Innova, respectively.
"The task of moving forward is a never-ending mission. The year 2007 comes with bigger challenges not only for us, but for the whole automotive industry," Ito said.
To cope with the challenges ahead, Toyota has expanded its product line.
"This year, we are also expanding our model line-up by introducing new models that would further strengthen our passenger car leadership," he added.
Toyota will be introducing the latest addition to the passenger car line-up, the Yaris hatchback, by the end of the first quarter