MANILA, Philippines - Lexus Manila Inc., the luxury arm of Toyota, expects its car sales to be lower than the 388 units target for the year, even as it saw a 40 percent increase in vehicles sold as of end-October from last year amid declining sales of the luxury car industry.
Lexus president Daniel Isla said in a text message he expects their total sales for the year to reach 370 units, below the 388 target.
“We’ll do 370 only (this year). Total luxury (sales) are down by 16 percent,” he said.
He declined to give a reason for the lower industry sales.
Earlier, he said the decline in industry sales was partly due to the Bureau of Internal Revenue’s monitoring of tax payments.
He said that individuals were being more careful about the brands they purchase so as not to get the attention of the main revenue agency.
But while fewer units are expected to be sold than targeted this year as industry sales are decreasing, the firm’s total sales for the year are likely to be higher compared to a year ago.
Isla noted that as of October, Lexus sold 302 units, up 40 percent from the same period last year.
“40 percent growth amidst a declining market is more than good. We don’t want to push our people further,” he said.
He said the increase in sales of Lexus cars as of October was driven by the introduction of new models as well as the minor changes in almost all models in the line up.
Last week, Lexus unveiled its new flagship, the LS model range which includes the LS 460L 5-seater and 4-seater.
The new LS has 3,000 changes, including three world first, and no less than 15 Lexus firsts, features and technical innovations.
Among the changes to the new LS are the redesigned exterior which can be equipped with all-LED (light emitting diode) exterior lighting, as well as the new laser screw welding and adhesive body bonding which enhances stability and allows for a more comfortable ride.
The new 5-seater is priced at P7.388 million, while the 4-seater costs P8.378 million.
Earlier, Lexus also launched new GS and ES sedan models.