Toyota to launch Lexus brand in Manila

Toyota Motor Philippines Corp. (TMPC), controlled by the family of Taipan George S.K. Ty, has ushered in the high-end Lexus brand to the country via the establishment of a Php1 billion (US$22 million) company called Lexus Manila in line with the Japanese automaker’s global expansion of its luxury division. The new company is slated to start operations in the fourth quarter and is looking at initially selling 20 to 30 units a month to corner 8% of the luxury passenger car segment. Market leader TMPC, which accounted for 36% of total domestic sales, sold 22,209 units in the first half this year, an increase of 6.8% from 20,790 units last year. TMPC will be pitting Lexus against other luxury brands like Mercedes Benz and BMW, which currently dominate the country’s luxury segment with a market share of 70% for passenger cars and 50% for sport utility vehicles. (July 12, 2008)