Due to the challenging economic period in Trinidad and Tobago, Toyota is expecting limited growth of the vehicle industry.
At the unveiling event for the launch of the 2019 RAV 4, Vice President, Ryan Latchu said: "Our projections, because of the decline in the market year on year for the last two years, we anticipate this year to be relatively flat to last year.”
He said: “There are a few tenders, there are new opportunities in the market and with new model introductions like the RAV 4, and some other models by our competitors, I think we anticipate it to be flat with last year.”
With regard to the difficulties in obtaining Foreign Exchange, Latchu said that the company adopted a different strategy to conserve foreign exchange usage.
He said: "Foreign Exchange continues to be a problem nationally as we know.”
Latchu continued: "We took, a decision in 2017 that we would diversify our product portfolio to really bring in lower level cars so that the public has an option and not tie up too much foreign exchange at the same time.”
- Kyron Regis