Toyota cuts prices of select hybrid EVs

MANILA, Philippines — Leading automotive company Toyota Motor Philippines Corp. (TMP) has reduced prices of hybrid electric vehicle (HEV) variants of the Toyota RAV4, Alphard and Lexus following the government’s move to remove tariffs on HEVs.

“Pursuant to the provisions of the newly signed Executive Order 62 (S.2024) of exempting HEVs and plug-in HEVs (PHEVs) from import duty, TMP is pleased to inform its customers of reduced suggested retail prices for the Toyota RAV4, Alphard and Lexus HEVs,” TMP said.

The reduced prices for these vehicles are now in effect.

Earlier this year, the National Economic and Development Authority Board chaired by President Marcos approved the expansion of the coverage of EVs and parts and components, which can enjoy lowered tariffs until 2028 to encourage the use of environment-friendly transport.

The expanded coverage includes HEVs and PHEVs.

“TMP expresses its appreciation to the government for this step to promote more sustainable mobility options, which aligns with Toyota and Lexus’ multiple pathway approach to carbon neutrality,” TMP said.

Earlier, TMP chairman Alfred Ty told The STAR the company is looking to introduce more HEVs in the country following the government’s move to include HEVs in the coverage of EVs that can enjoy zero tariffs.

Data from the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed TMP remained the automotive market leader, accounting for 46.12 percent of total vehicle sales in first semester.

In particular, TMP’s sales rose 11.5 percent to 104,350 vehicles in the January to June period from 93,575 units in the same period last year.

In June alone, TMP sold 18,093 vehicles, 10 percent higher than the 16,381 vehicles in the same month in the previous year.