Toyota Motor Philippines sets new sales record as PH middle class expands

This is AI generated summarization, which may have errors. For context, always refer to the full article.The Ty family’s GT Capital sees the rise of an 'upper middle-class segment' in the Philippines as Toyota Motor and Metrobank set new record highs in sales and earnings, respectively

Among the Toyota models that had strong sales and contributed to TMP’s “remarkable results” in 2023 were Vios, Hilux, Raize, Innova, Hiace, and Wigo, GT Capital said. TMP’s top two selling models in the passenger cars segment were Vios with 37,971 units sold and Wigo with 14,676 sold. In the commercial vehicles segment, the bestsellers in 2023 were Hilux with 25,958 units sold; Raize with 17,504 sold; Innova with 16,728 sold; Hiace with 15,017 sold; and Fortuner with 13,971 sold.

Mitsubishi Motors Philippines is number two in the country with a market share of 18.3%, followed by Ford Philippines with a 7.2% share, and Nissan Philippines with a 6.3% share.A much-awaited new car is the iconic Toyota Tamaraw, which is set to be launched in the last quarter of 2024. TMP invested P5.5 billion for the assembly of its third completely knocked down or CKD model at its plant in Santa Rosa City, Laguna.

TMP said its new “convertible Light Commercial Vehicle” will be “affordable,” “functional,” and “customizable” in line with its “mission to provide mobility for all.” It can be a transport vehicle like the modern Philippine jeepney, a police car, medical van, food truck, and transport vehicle. Buyers can also have a fenced cargo bed at the back, or use it as a dry freight or refrigerated freight truck.

With total assets of P3.1 trillion in 2023, Metrobank maintained its status as the country’s second largest private universal bank next to the Sy family’s BDO. Federal Land is also behind the 600-hectare township Riverpark, a mixed-use community in General Trias City, Cavite, south of the capital. Dubbed “The Next Gen City of the South,” this project was introduced last January.

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