Exports of Toyota-brand automotive parts and components reached US$ 800 million this year, according to Toyota Motor Philippines Corp.(TMP).
TMPC president Michinobu Sugata, in a regular update meeting with the Philippine Economic Zone Director General Lilia De Lima, said the Toyota Group’s exports had been increasing since 2006.
The Toyota Group is composed of auto parts makers performing strategic roles in the production and exports of automotive products to different parts of the globe.
“If measured in relation to completely built-up (CBU) export performance, Toyota Group exports in 2010 may already be equivalent to about 80,000 units of CBUs, a volume level which has never been reached under the Government’s Automotive Export Program,” Sugata said.
Although not currently engaged in the export of CBUs, Toyota’s contribution to exports has been significant through its export of parts and components to 11 production bases worldwide. This parts complementation scheme provides market opportunities for local parts manufacturers who may otherwise find difficulty in penetrating the export market individually.
During the meeting, Sugata also shared with PEZA officials significant developments in the automotive industry, specifically the opportunities and challenges under the Comprehensive Motor Vehicle Development Program (CMVDP).