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Toyota cuts 2014 forecast for auto parts exports
The new target of $897 million, if borne out, would point to a fall in exports. In 2013, the suppliers, collectively known as Toyota Group, shipped $939 million worth of parts from the Philippines for use by Toyota manufacturing sites worldwide.
“Decline in domestic demand is foreseen in Thailand given the political situation, while market contraction is expected in Japan following the implementation of higher consumption tax beginning April 2014,” Toyota Motor Philippines Corp. (TMPC) President Michinobu Sugata said in a statement announcing the revised sales projection.
“The slowdown in export performance is only temporary and exports will soon recover. The booming Philippine auto market will also be an additional source of growth for parts suppliers,” he added.
In the first quarter, Toyota Group had $216 million in export sales, down 14% from a year earlier.
Toyota Group is composed of Aichi Forging Co.; EDS Manufacturing, Inc.; Fujitsu Ten Corp. of the Philippines; International Wiring Harness; JECO Autoparts, Inc.; Koyo Manufacturing, Inc.; Nippon Antenna (Philippines), Inc.; Philippine Auto Components, Inc.; Philippine HKR, Inc.; Technol Eight Philippines Corp.; Tokai Rica Philippines, Inc.; Toyota Autoparts Philippines, Inc.; and Yazaki Torres Manufacturing, Inc.
Toyota Group exports include transmission components, constant velocity joints, wire harnesses, meter assemblies, antennas, clocks, bearings, and switches, among others.
About 95% of the parts the group makes are exported to Argentina, India, Indonesia, Japan, Malaysia, Pakistan, South Africa, Taiwan, Thailand, Venezuela and Vietnam. The rest are retained for use by TMPC.
Despite the projected drop in auto parts exports, TMPC Vice-President for Corporate Affairs Rommel R. Gutierrez said the suppliers committed to invest a total of P7.5 billion from 2014-2016 “to prepare for export recovery, as well as to serve the increase in local demand for production parts.”
Toyota Group also pressed the government to release its much-awaited automotive industry road map, which is expected to address supply chain gaps.
Source : bworldonline.com
Posted on : 29 Jan,2023 | News Source : ABNews