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Yamaha Motor Co., Ltd. announced today that local group company Yamaha Motor Philippines, Inc. (YMPH) has produced its one-millionth motorcycle today since the company's establishment.
To mark this event, the Batangas Province-based YMPH held a memorial ceremony attended by Katsuhito Yamaji, Senior Executive Officer and General Manager Manufacturing Center, Yoshihiro Hidaka, Executive Officer and Manager of Motorcycle Business Operations 1st Business Unit, 800 YMPH employees, and other guests.
Yamaha Motor established YMPH as a local Group company for the production and sales of motorcycles in May 2007. In September of the same year, a temporary motorcycle manufacturing factory was established in Laguna Province where production of motorcycles in the 105-125cc range commenced.
Following this, a new motorcycle manufacturing facility was established in the Lima industrial estate in Batangas Province, where full-scale production started in September 2008 in place of the Laguna Province factory.
On the back of solid economic growth, the motorcycle market in the Philippines has been expanding in recent years. The total demand in 2016 is forecast to be 1,030,000 units, an increase of 21% compared to the previous year, with Yamaha Motor sales expected to be 260,000 units, up 37% compared to the previous year and growing faster than total demand.
In line with this market expansion, Yamaha Motor is working toward securing greater market share and higher income by promoting new model launches incorporating the platform strategies outlined in the current Medium-Term Management Plan.
Yamaha Motor (TOKYO: 7272) is a world-leading producer of motorcycles, marine products, power products, industrial machinery and robots. The company's diverse business and wide variety of products are built around its proprietary technologies focused on small engines, fiberglass-reinforced plastics and electronic control.
Yamaha Motor conducts global development, production and marketing operations through 140 subsidiaries and equity-method affiliates in 30 countries. About 90 percent of consolidated net sales are generated in more than 200 countries outside of Japan. The company is steadily restructuring its global engineering, manufacturing and marketing capabilities for sustainable long-term growth.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)