Toyota Motor Philippines Corp. (TMP) continues to invest in the country to sustain leadership even as its participation in the Comprehensive Automotive Resurgence Strategy (CARS) enters its third year this year.
TMP chairman Alfred Ty said the company’s P5-billion investment in the program is sustained this year.
This is alongside TMP’s continuous product improvement, marketing campaign and dealership expansion efforts to retain leadership.
Ty said TMP is on track to meet the requirement of CARS to produce 200,000 units of Vios.
That translates to more than 33,000 per year during the six-year life of the program.
TMP officially started local production of Vios under CARS in July 2018.
Bulk of the P5-billion had been infused to meet the CARS requirements. TMP invested in new in-house parts manufacturing capabilities such as the 3,000-ton plastic injection system; the 1,600-ton AO servo press machine, stamping dies and new hemming technology thus increasing local content to 58 percent.
“The Vios remained as the country’s best-selling vehicle with 33,181 units sold. This puts
Toyota on track to deliver its commitment under the program,” Ty said.
In 2019, TMP sold 162,011 units and a share of 39.5 percent for the year.
Ty said of this number, 54,028 units were produced in its plant in Sta. Rosa, Laguna. That is equivalent to 33 percent of total units sold for the year.
“As industry leader, it is Toyota’s role to drive the industry back to sustainable growth.
We will continue to be this country’s solid partner in nation-building,” Ty said in a speech at a company event last week.
As of end 2019, Ty said TMP has paid a total of P384.3 billion cumulative taxes since the start of the company’s operations.
He added that despite the downturn of 2018, TMP maintained its workforce of 2,195 Filipinos, on top of those employed by its network of 71 dealers nationwide.
