Lexus on track to meeting target

MANILA, Philippines - The local demand for luxury vehicles is insulated from the effects of the contraction of the demand for vehicles worldwide as Lexus Manila Inc. announced they are on track to meet their yearend target after an encouraging two-month performance.

Since it opened its doors in January, Lexus has sold 23 units of its luxury cars, Lexus president Daniel M. Isla said in an interview at the sidelines of the launch of sports utility vehicle RX350.

In addition to this, Isla said that they already have 20 customers for the newly launched P4.2 million SUV.

“We are confident that the luxury market will still be there. The high-end market is only slightly affected (by the financial crisis), Isla said. “The rich are somewhat insulated (from the effects of the crisis),” he added.

Lexus already has five models in the country priced between P2.9 million and P8 million. Lexus is looking at going head to head with Mercedes Benz S-Class.

“Filipinos will now be afforded the opportunity to see and experience the luxury that only Lexus brand provides. Lexus will be offered in five different models namely LS460L, GS460, ES350, IS300 and LX570,” Isla explained.

Isla said Lexus is looking at getting a substantial share of the luxury market which makes up 1.4 percent of the total auto industry.

He said the luxury can market is not expected to shrink even if demand for other vehicles declined.

For the whole of 2009, Isla said they expect to sell 200 to 300 units of Lexus.

Lexus Manila Inc. is a separate entity from Toyota although Toyota Motor Philippines owns 75 percent of the firm while the remaining 25 percent is owned by Mitsui.