Lexus, Toyota’s luxury brand, further solidified its dominance in the Philippines’ high-end auto segment, capturing a commanding 56.7 percent market share in the first quarter of 2024.

This marks a significant jump from its 31.8 percent share during the same period last year, according to industry data.

Ultra bilyonaryo Ramon S. Ang’s BMW remains the closest competitor, holding a 20.5 percent share, followed by Mercedes-Benz (13.3 percent) and Land Rover (6.4 percent).

Lexus Philippines, a joint venture between the Ty family and global auto giant Toyota, reported a 270 percent surge in electrified vehicle sales. This growth is largely fueled by the launch of the LBX, their most affordable subcompact crossover SUV, priced at P2.968 million.

It recently bolstered its offering with the introduction of the Lexus GX, priced between P7.58 million and P8.58 million.

This robust performance builds upon Lexus’ record-breaking sales in 2023, where they sold 4,396 luxury vehicles, a 37 percent increase compared to 2022.

Analysts attribute Lexus’ success to a combination of factors, including a growing market for luxury vehicles in the Philippines, strong brand recognition, and a strategic push towards electrification. However, some industry observers caution that maintaining this dominance will hinge on Lexus’ ability to keep pace with evolving consumer preferences and intensifying competition from other luxury carmakers.