Toyota Motor Philippines (TMP) remained resilient in the first quarter of 2026 despite softer vehicle demand and broader economic headwinds, with strong growth in electrified vehicles helping sustain its leadership in the local automotive market.
TMP reported a net income of P5.3 billion for the January-to-March period, down 16 percent from P6.31 billion a year earlier, while revenues slipped to P62.4 billion.
Vehicle sales reached 51,922 units, reflecting a 6.5-percent decline, although the performance still outpaced the overall industry contraction of 7.2 percent.
The company maintained its dominant position in the Philippine automotive sector with a 46.1-percent market share.
A key growth driver for TMP during the quarter was its electrified vehicle (xEV) business. Sales of electrified models accounted for 10.6 percent of total sales volume, posting a robust 40.3-percent increase from the same period last year as consumers increasingly shifted to fuel-efficient alternatives amid volatile fuel prices.
TMP president Masando Hashimoto said the company continued to navigate challenges arising from foreign exchange movements, supply chain disruptions, and softer consumer demand.
He added that growth in the electrified and light commercial vehicle segments, supported by incentives under the government’s Comprehensive Automotive Resurgence Strategy (CARS) program, continued to provide momentum.
The company also expanded its electrified lineup to 20 models and strengthened sustainability initiatives through En Tsumugi ELV Dismantler Corporation. The move is expected to enhance the country’s capability to safely process end-of-life electrified vehicle components and batteries as part of TMP’s broader circular mobility strategy.
