Participants of the Comprehensive Automotive Resurgence Strategy (CARS) and government have arrived at an understanding to review and revise the terms and conditions of the program, particularly on the volume and timeline.
Rommel Gutierrez, president of Toyota Motor Philippines Corp. (TMP) said at the press launch of the Fortuner over the weekend they had the first meeting with Secretary Ramon Lopez of the Department of Trade and Industry on CARS two weeks ago “on the appropriate measures or actions to take with regards to meeting the requirement.”
“We already agreed that the volume requirement cannot be met. And government understands this,” he added
referring to CARS requirement for participants to produce 200,000 units within six years of their enrolled models. The other CARS participant is Mitsubishi Motor Philippines Corp.
At the launch, TMP president Akihiro Okamoto expressed confidence Toyota would sustain its Triple Crown feat — number one in sales in passenger cars, in commercial vehicles and in overall market — this year, the 19th straight year.
Okamoto said TMP has noted recovery of the market is “coming earlier than expected” with the industry gaining back 78 to 80 percent of its sales last year as of September.
Okamoto in June projected industry sales to fall 60 percent this year.
Meanwhile, TMP vice president Jose Maria Atienza said the company expects to sell between 1,200 to 1,500 units a month of the new Fortuner for the rest of the year.
Atienza said Fortuner continues to lead in the mid-sized sport utility vehicle segment, gaining 32 percent market share in 2019.
Imported from Indonesia, the Fortuner has sold over 220,000 units in the country since its launch in 2005.
Price ranges from P1.633 million to P2.424 million. – I. Isip