TOYOTA Motor Philippines (TMP) recorded new vehicle sales of 174,106 units in 2022, a growth of 34 percent versus 2021.
In a disclosure by GT Capital Holdings Inc. to the local bourse Friday, March 24, 2023, the auto market, on the other hand, posted sales of 348,200 units or a growth of 24 percent. This resulted in a historic record-high market share for Toyota of 50 percent.
In line with the rise in retail sales, consolidated revenues grew by a significant 40 percent to P183.8 billion from P131.3 billion in the previous year.
The primary drivers for sales growth in the past year were the continued launching of new or refreshed products as well as a comparably strong supply of both locally produced and completely built-up units from Thailand, Indonesia and Japan.
Due to the rapid and steep depreciation of the Philippine peso versus the US dollar in 2022 though, TMP’s consolidated net income dipped to P5.7 billion, compared to P6 billion in 2021.
“In light of severe macroeconomic challenges in 2022, TMP turned in a creditable performance. Despite global supply disruptions, TMP was able to secure an adequate supply of new vehicles to capture the rising demand that accompanied the full resumption of economic activity. To mitigate the impact of the peso depreciation, TMP also resorted to six price increases through the year while cutting back on sales promotion expenses. Dealers were able to capitalize on the return of mobility, driving up revenues from spare parts and repair and maintenance services,” said GT Capital Auto and Mobility Holdings Inc. chairman Vince Socco in a statement.
Socco said the outlook for 2023 remains positive with the expected stabilization of exchange rates, the regularization of supply chains and the robust economic growth forecast by the government.
“Looking ahead, we are excited by the resumption of motorization that was put on hold by Covid and the prospects for increasing demand for electrified vehicles, including hybrid electric vehicles,” he added.