Toyota sees EV models taking 20% of total sales

MANILA, Philippines —  Leading automotive firm Toyota Motor Philippines Corp. (TMP) is looking to bring more electrified vehicle models to the country as it expects the share of these vehicles in its total sales to reach 20 percent this year, more than double last year’s level, amid rising fuel prices.

TMP chairman Alfred Ty told reporters on the sidelines of Stratbase Institute and embassy of Japan’s forum that the company sees electrified vehicles accounting for 20 percent of its total sales this year.

Last year, electrified vehicles accounted for just 8.5 percent of TMP’s total vehicle sales.

In particular, TMP’s electrified vehicle sales, including Lexus models, rose by 38 percent to 19,516 units from 14,057 units in 2024.

While demand for electrified vehicles has been increasing even before the Middle East conflict started, Ty said TMP has been receiving more advance orders recently as fuel prices continue to go up.

Even as TMP plans to expand its electrified vehicle offerings, he said the company continues to sell other models including diesel-powered vehicles.

“We’re multi-platform and making sure we have all the different technologies for everybody,” he said.

As TMP is planning to bring more electrified vehicle models in the country, he said the company is concerned about the disruptions due to the ongoing conflict in the Middle East.

“We haven’t seen how the war will disrupt logistics. So that will have an impact,” he said.

Ty, who is also vice chair of GT Capital Holdings Inc., said the listed company is reviewing its capital expenditures and other plans for this year amid the ongoing Middle East conflict.

“We haven’t finalized, of course, but yes, everything’s on the table for discussion. How long will this be? Even if it ends quickly, will it bounce back? Everything will need to be reviewed,” he said.

Apart from TMP, he said GT Capital’s other businesses are also expected to be affected by the ongoing conflict.

Aside from the automotive business through TMP, GT Capital is involved in banking, property development, infrastructure and utilities and life and non-life insurance.