Toyota Motor Philippines (TMP), one of the operating companies of the Ty Group’s GT Capital Holdings, Inc., reported a record net income of Php15.9 billion for full-year 2024, reflecting a 15.3% increase from 2023 driven by strong retail sales of its vehicles.
As part of its disclosure to the Philippine Stock Exchange (PSE) on March 26, 2025, GT Capital attributed TMP’s strong performance to the 9.0 percent increase in the automotive company’s retail sales volume, at a record level of 218,019 units sold for the entire 2024.
Notably, TMP’s vehicle sales account for 46.0% of the auto industry’s 473,842 total sales as of end-2024, further solidifying TMP’s position as the country’s leading car brand. TMP’s market share was strengthened by strong commercial vehicle (CV) sales led by the Hilux, Raize, Innova, Avanza, and Hiace models. Lexus, meanwhile, continued to dominate the luxury segment with a market share of 53.5% for full-year 2024.
Among TMP’s many highlights in 2024 was the official launch of the NextGeneration Tamaraw in December. The Tamaraw is a proudly Filipino assembled light commercial vehicle that offers wide conversion options to support the diverse mobility needs of Filipinos, especially small business owners and local government units.
TMP also continued to lead the push for electrification through its “Beyond Zero” initiative, which actively promoted a wide range of electrified vehicles in support of the country’s decarbonization efforts. Through its continued expansion and innovation in the electrified vehicle segment, Toyota and Lexus were able to see exponential growth in the electrified vehicle sales at a combined 95% year-on-year to 14, 057 units. This is equivalent to 58% of the industry’s electrified vehicle sales which stood at 24, 298 units in 2024.
“In my first year as president of TMP, I have been able to witness first-hand the strength and potential of the Philippine automotive industry. Our record-breaking numbers reflect the trust and confidence that Filipinos have entrusted in our brand. This 2025, we remain committed to providing quality and reliable vehicles to our customers, ensuring that we continue to offer sustainable mobility solutions, and in turn, supporting the country’s economic progress,” TMP President Masando Hashimoto explained.
