Market leader Toyota Motor Philippines Corp. (TMP) remains confident of hitting its sales projection of 162,000 units this year despite the delays currently being experienced in the delivery of all their models.
“Sales are on track and TMP is reasonably confident that it can achieve projections for 2022,” said Sherwin Chua Lim, company first vice president for marketing.
TMP in a public advisory dated June 24 said the company is experiencing the delayed delivery of some of Toyota vehicle models and variants due to high demand for vehicles coupled with the parts supply disruption, that has interrupted global supply chain.
Chua Lim said in an interview TMP is experiencing an imbalance on supply and demand across all models.
He said volume models like the Vios, Innova, Wigo, Raize and Avanza have waiting times of at least one to two months while month the Hilux, Fortuner and Hiace are backed up by a minimum of two to three months.
For luxury models like the Land Cruiser and Alphard, Chua Lim said waiting time may take much longer due to limited production volumes relative to demand.
Chua Lim did not provide an exact number on the backlog of reservations saying the market dynamics are quite fluid.
“At this time, demand for motor vehicles continue to rise in line with the reopening of the economy. Pent up demand from the past two years is finding its way to the market, particularly with banks increasing their appetite for consumer lending. On the other hand, rising inflation and interest rates may impact on demand going forward,” he said.
Chua Lim said TMP is working together with Toyota Japan, Thailand and Indonesia to secure the supply of units in line with the planned sales volumes while local production is also being maximized together with local and regional parts suppliers.
Chua Lim said Toyota continues to work with its suppliers to minimize the impact of supply chain disruptions across the globe. Production plans are constantly being reviewed and updated to reflect the latest situation.
