Toyota Motors Philippines Corp. is optimistic to hit at least a 10-percent increase in sales next year.
TMPC president Satoru Suzuki said the automotive market would improve in 2019 as consumers adjusted to the new pricing scheme.
“The Philippine economy is still good. We expect automotive sales to rebound in 2019 not only for Toyota but for the entire industry, as well,” Suzuki said Thursday at the sidelines of the launch of the new Camry at Grand Hyatt Hotel in Bonifacio Global City.
Suzuki said the company remained bullish on the Philippine market and would continue to honor its commitment to deliver affordable cars under the Comprehensive Automotive Resurgence Strategy program.
The company said it would ramp up the production of the Vios model to 33,000 units in 2019, on top of the ongoing production of Toyota Innova.
The car company suffered 14-percent to 15-percent decline in sales in 2018 because of advanced purchases of buyers at the end of 2017.