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Monday, January 4, 2021

Despite Strong Global Showing, Toyota Sales in Philippines Remain Weak


Despite the continued economic challenges brought upon by COVID-19, Toyota Motor Corporation has managed to grow its sales by 1.8 percent last November. Their continued recovery was driven primarily by two key markets—China and Japan. 

In China, the market remains solid, and thanks to a normalization in economic activities there (including the holding of motor shows), Toyota sales were up 17 percent year-on-year, driven by vehicles such as the Camry and RAV4. Meanwhile, despite a hike in consumption tax, Japan sales remained strong—up 11.8 percent—driven by the all-new Harrier, Yaris, and Raize.

However, things aren’t looking too great for the Philippine market. The lingering effects of COVID-19 related quarantines mean sales are down 26.7 percent (11,455 units) in November year-on-year. It was the second worst performing market in Asia, second only to Indonesia with a decline of 39.5 percent.

Despite a barrage of new production introductions this year—with at least six all-new or improved offerings—January to November 2020 sales for Toyota Motor Philippines are down 40.9 percent (86,303 units). Again, this figure makes the Philippines the second worst performing market. 

This is compared to Asia-wide sales which are down 8.3 percent for the first 11 months of 2020.

If there’s a bright spot for Toyota Motor Philippines’s operations, it’s in terms of production. While January to November 2020 figures remain down 37.7 percent (31,544 units), there’s a clear “flattening of the curve,” with year-on-year decline being the lowest in November at 12.9 percent (4,417 units).

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