MANILA, Philippines - Toyota Motor Philippines Corp. (TMP) is shifting to a higher gear as it looks to achieve annual sales of 200,000 units by 2020 and be among the 10 largest sales markets for Toyota globally.
Kyoichi Tanada, Toyota Motor Corp. managing director and CEO of Asia, Middle East and North Africa regions, announced Wednesday night TMP’s target of growing sales to 200,000 units in four years as the company ushered in a new leadership.
TMP has appointed Satoru Suzuki as its new president, replacing Michinobu Sugata who served as TMP president since 2010.
“I am confident that Mr. Suzuki will lead the company to rapid growth. His global experience will surely bring Toyota to a new level,” TMP vice chairman Alfred Ty said.
Ty also said he is optimistic TMP would be able to hit its 2020 sales target considering the company has been growing double digit in the past five years.
“Basically it is an internal target and we are optimistic about the Philippine economy and that will be the main driver. We believe that the fundamentals of the economy are very strong and very much in place so that will drive the demand for automotive,” Ty said.
“200,000 sounds big from where we are today but considering the number of population we have, we believe it’s achievable. The CARS (Comprehensive Automotive Resurgence Strategy) program will pay a big role. The support of the parts manufacturers will be very important to realize that,” he added.
Last year, TMP reached its one-million sales milestone after 27 years of operations.
The company sold a total of 125,027 units for full year 2015, 17.8 percent higher than 106,110 units sold the previous year.
Ty said the group is looking to increase sales to about 137,000 units this year on its way to 200,000 units by 2020.
“Thanks to a favorable economy, 2015 has been another record breaking year for the industry and for Toyota,” he said.
TMP’s sales of 125,027 units in 2015 made the country the fourth largest market in Asia in terms of sales and 13th in the more than 170 countries globally.
Sugata said with the continuous growth of the Philippine automotive industry, the country is likely on its way of being part of Toyota’s 10 largest sales market globally.
“It is very certain that the Philippine automotive market will continue to steadily increase, growing at a very fast rate. I am optimistic that TMP will hit 200,000-unit sales by 2020,” Sugata said.
“The momentum of growth and development of Philippines is unstoppable. Even global Toyota sees this country as one of the most promising countries to be one of the top 10 worldwide in terms of Toyota global sales, which may happen even during this year,” he added.