Toyota investing P4.4 billion for next-gen Tamaraw

MANILA, Philippines — Toyota Motor Corp. (TMC) has announced a P4.4-billion investment for the production of the next generation Tamaraw in Sta. Rosa, Laguna, with assembly of the new vehicle to start next year.

The announcement was made by TMC chairman Akio Toyoda during Toyota Motor Philippines Corp.’s (TMP) 35th anniversary celebration Tuesday night.

“This represents an additional investment by Toyota of P4.4 billion,” he said.

TMP first vice president Rommel Gutierrez told reporters that production would start in the mid to third quarter of next year.

He said a big part of the investment would go to localization of parts.

“This is a new model so (localization) should start, it should at least be 40 percent,” he said.

He said TMP would need government’s support in the form of incentives for the production of the new vehicle.

“We can always discuss with BOI (Board of Investments) what appropriate program can support this model,” he said.

While the retail price of the new Tamaraw is not yet available, he said this is intended to be affordable with the micro, small and medium enterprises (MSMEs) as the target market for the vehicle.

“This new model represents a whole new range of mobility solutions that will enable Filipinos to move their lives forward. It will enable new levels of flexibility for users, especially our MSMEs,” TMP chairman Alfred Ty said.

The next generation Tamaraw can be used as an ambulance, patrol car, rolling store, pickup truck and modern public utility jeepney.

Gutierrez said there are no immediate plans to export the next generation Tamaraw, but parts to be produced locally will be exported if there are other countries that will also be manufacturing the vehicle.

Incorporated in 1988,  TMP is a joint venture of the Ty family’s GT Capital Holdings Inc., TMC and Mitsui & Co. Ltd.

As of mid-2023, TMP has locally produced 1.03 million units in the Sta.Rosa factory and delivered a cumulative total of 2.24 million units to Filipino homes across the country.

In terms of contribution to the economy, TMP and the Toyota Group have cumulatively invested P73.7 billion, paid duties and taxes of P448 billion, and exported $18.76 billion worth of auto parts and components.