Toyota forecasts Philippine car market to shrink around 40% in 2020 on virus outbreak

29, Jul. 2020

Photo by Shahzin Shajid on Unsplash
Photo by Shahzin Shajid on Unsplash

MANILA, NNA – Toyota Motor Philippines Corp. forecasts the domestic automobile market will shrink less than 40 percent this year due to the novel coronavirus outbreak.

The leading automaker in the Southeast Asian country projected last week a 35 to 39 percent drop in new vehicle sales in the entire market to about 252,000 units, a spokesman for the Japanese auto giant told NNA on Tuesday.

The latest outlook is a slightly smaller decline as the carmaker had shown a 40 percent fall, according to a report by broadcaster ABS-CBN.

Toyota is likely to sell more than 100,000 units for the full year in the Philippines, said Takashi Ogawa, the spokesman at Toyota Daihatsu Engineering and Manufacturing Co., Toyota's Thai arm for compact cars.

New vehicle sales in the Philippines plunged 51.2 percent from a year earlier to 85,041 units in the first half of this year. Toyota sold 35,648 cars, down 51.5 percent, according to industry data.

Car purchasers prefer online sales now as the COVID-19 pandemic lingers, according to the ABS-CBN report, citing Atsuhiro Okamoto, president of Toyota Motor Philippines.