Toyota to start local production of Vios this month

Toyota Motor Philippines Corp. will start production of its Vios model in its Sta. Rosa, Laguna plant by the end of the month, Toyota Philippines president Hiroshi Ito said Thursday. At present, the company imports completely built-up units of Vios from Thailand. Ito said final preparations and retooling are now being undertaken at the plant, which will be assembling 1,000 to 1,500 units of Vios per month within the year. Production is expected to be at its peak in the fourth quarter of the year. Toyota spent P1-billion to retool the plant in preparation for the assembly of the Vios. The company will be receiving incentives from the government in connection with the investment, after its application for perks was approved by the Board of Investments last month. Speaking at the launch of its newest batch of the best-selling sedan, Ito said they expect to sell 1,000 to 1,200 units of Vios per month and help Toyota Philippines raise its over-all share in the domestic automotive market to 40 percent this year from about 38 percent in 2006. The entry of the new Vios, he said, will also make the company readjust its sales projection for the year, especially with the auto market improving. “Our forecast will be revised accordingly," Ito said. The latest edition of the Vios has five variants, with prices ranging from P575,000 to P811,000. - GMANews.TV