TOYOTA Motor Philippines (TMP) has slashed the prices of its plug-in hybrid electric vehicles (HEVs) following the implementation of Executive Order 62 that revised the country’s tariff schedules.
In a public advisory, the automaker said that suggested retail prices (SRPs) for the Toyota RAV4, Alphard and Lexus HEVs were reduced effective last July 20, 2024.
EO 62, signed in June, maintained reduced Most Favored Nation (MFN) tariff rates and extended coverage to battery EVs, hybrid electric and plug-in hybrid EVs, and certain parts and components at zero duty until 2028.
As of July 20, the new prices for Toyota HEVs range from P2.35 million to P2.37 million for the 2024 RAV4 LTD HEV CVT, P2.04 million to P2.06 million for the 2024 RAV4 XLE HEV CVT, and P4.66 million to P4.68 million for the 2024 Toyota Alphard HEV CVT.
For its Lexus HEVs, new prices range from P2.55 million for the 2024 Lexus LBX to P5.46 million for the 2024 Lexus RX 350h Premier.
The company said the inclusion of its hybrid EVs and other auto parts in the EO would promote more sustainable mobility options.
Toyota is the country’s dominant car brand, with TMP having grown first-half sales by 11.5 percent year-on-year to 104,350 units, equivalent to a 46.12-percent market share.
For the month of June alone, TMP sold 18,093 units, up 10.5 percent from a year earlier but down 3.1 percent from May.
TMP is the automobile unit of Ty family-led GT Capital Holdings Inc., which saw its shares fall by 50 centavos to P599 each on Tuesday.
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