Toyota Motors Philippines has said it is on track to become the first car assembler in the country to reach 1m in the next 10 years.
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Company president Hiroshi Ito told local paper the Daily Tribune TMPC will hit the 500,000 mark after 19 years of operating in the Philippines.
After reaching the half million, the company is now heading to a million by 2017. “If the market continues to grow and that growth is sustained, it is possible to hit our goal.”
For 2007, TMPC is projecting about 45,000 units, and sales are expected to grow over 10% in 2008 to hit the 50,000 level.
Despite the bullish performance of Toyota, the Philippine market continues to lag behind Thailand whose volume about 10 times bigger than the Philippines.
Ito reportedly added the Philippine car industry is starting to pick up sales despite problems, such as the continued influx of imported used vehicles. The expected growth, he noted, still hinges on the performance of the Philippine economy.
Asked if the company plans to launch another new model before the end of the year, Ito said new models are set to be introduced in 2008. The last model that Toyota launched was the redesigned LandCruiser.
