Toyota attains 40% market share in Nigeria

Toyota has confirmed that it is not ready to relinquish its leadership of the auto industry in Nigeria soon as it widens its market share for 2012 by nine per cent, hitting 40 per cent.

Toyota’s market share of new vehicles performance last year stood at 31 per cent, which still offered it a comfortable lead.

The company also said that it recorded a 27 per cent growth in the 11 months of this year compared to its performance in the same period last year.

Managing Director, Toyota Nigeria Limited, Mr. Chandra Thampy, gave the figures at a press conference in Lagos on Friday.

He said that while the national vehicle imports for 2012 from January to November dropped from 47,267 to 44,047, Toyota’s import volume rose from 12,237 to 18,123 vehicles.

He said, “There is a seven per cent drop in import volume in the auto industry, from 47,267 in January to November 2011 to 44,027 in January to November 2012.

“Toyota (Nigeria) Limited import volume, January – November 2012 was 18,123 as against 14,237 within the same period under review in 2011; this is a 27 per cent improvement from the previous year with a difference of 3,886 units.

Thampy, however, said that the firm did not meet its expectation for the period, attributing the general poor performance to oil crisis, naira fall and delay in release of budget by the government.

He said, “The year 2012 started on a‘turbulent‘ note with the fuel subsidy removal strike, which slowed 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.”

He said that government and corporate purchases became dull, just as businesses continued to experience hiccup as access to credit facilities from banks was difficult.

Thampy said that TNL imported 18,123 vehicles between January and November 2012, which was higher by 27 per cent over the 14,237 vehicles it imported in the same period last year.

“At a projected sale of 18,500 units for 2012, TNL market share should grow by two per cent,” he added.

Meanwhile, the encouraging performance of the company has earned it three international awards.

Thampy said that Toyota was given an award for being on the list of top 10 brands; another award as the most valuable auto brand; and the third, as the most environmental friendly auto brand.

He said the awards came from Interbrand, an international organisation.

Meanwhile, Toyota Motor Corporation is set to re-claim its status as the world’s largest automaker as 2012 comes to a close; while General Motors and Volkswagen are in a tight race for second place.

culled from the Punch

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