Metro Manila (CNN Philippines, June 23) – A leading car manufacturer said COVID-19 pandemic and the Taal Volcano eruption have brought about a significant drop in car sales in the country.
Vince Socco, executive vice president of GT Capital Holdings which is the parent company of Toyota Motor Philippines, said their factories and dealers needed to shut down immediately on the first day of the enhanced community quarantine.
Sales were limited as they were only able to sell for two weeks in the months of March and May, Socco said. There were no sales at all in April when the country was still in tight quarantine measures.
Furthermore, he said the month of May saw a 52 percent drop in sales, while the impact of the Taal Volcano eruption during the months of January and February contributed to the overall low car sales for this year.
“Business is only best served. But in this case, we are not prepared at all,” Socco told CNN Philippines’ Rico Hizon.
He assured that all their 71 dealers nationwide received financial support in mitigating the losses stemmed from the COVID-19 pandemic and none from these businesses will close permanently.
“We are seeing the market come back slowly. We’re very hopeful this will pick up in the months to come,” explained Socco.
Socco shared that in this month, there is a gradual resurgence in the car demand coming from orders placed after the modified ECQ.
“We’re offering a whole slew of financing options that customers can choose from for their purchases,” he added.
The GT Capital Holdings Vice President hopes the usual consumer demand for cars will bounce back in the third or fourth quarter of this year or by early 2021.
“We’re putting a lot of programs to make sure there is a stimulation of demand,” Socco said.
Toyota Philippines recently held a digital launch for the 2020 version of its Wigo hatchback brand.
