22 December 2012

Nigeria: Again, Toyota Coasts Home With Ambitious Records

Toyota Nigeria Limited (TNL), is, once again, coasting home with ambitious records at it hopes to hit the 18,500 units sales target by year end, thus growing its market share by two percent, writes OLAOLU OLUSINA

The leading automobile brand in the world, Toyota, has emerged the number one among best 50 global green brands in 2012, according to the leading rating agency, Interbrand.

Interbrand has also recognised Toyota as the only auto brand among the first 10 globally recognised brands for the year.

All these came even as Toyota emerged the 2012 Most Valuable Auto Brand in a survey conducted also by Interbrand.

Managing Director, Toyota Nigeria Limited (TNL), Mr. ChandrechekaThampy, gave a list of these outstanding global recognitions for Toyota while speaking at the last quarterly media briefing organised by the company last week in Lagos, saying the company was equally doing well in Nigeria, despite the socio-economic challenges.

Thampy, who also gave an overview of the country's auto industry for the past 11 months, said the year started on a "turbulent" note with the fuel subsidy removal strike slowing down business activities.

"Market activities slowed down particularly after the first half of the year with no significant signs of improvement thereafter. This was partly due to reduced spend by government as a result of the 2012 budget which was not fully implemented.

"Government and corporate purchases were dull. Businesses continued to witness difficulty in accessing credit facilities from banks. Currency fluctuation during the early parts of the year adversely affected the industry," he said.

Speaking on imports between January and November, the TNL Managing Director explained that there was a seven percent drop in import volume in the auto industry; from 47,267 in January to Nov 2011 to 44,027 in January to November 2012.

Despite all these, according to Thampy, TNL recorded a 27 percent increase in imports from the previous year with a difference of 3,886 units as the January - November 2012 imports by the company stands at 18,123 as against 14,237 within the same period under review in 2011. He also disclosed that "at aprojected sales of 18,500 units for 2012, TNL market share should grow by two percent."

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.