Toyota Motor Philippines Corp. has announced price reductions for the hybrid electric vehicle (HEV) variants of the RAV4, Alphard, and Lexus. This adjustment comes in response to the recent government decision to remove tariffs on HEVs.
HEVs and plug-in HEVs (PHEVs) are now exempt from import duties, prompting TMP to lower its suggested retail prices for these models.
Toyota Hybrid EVs Price Cut
The price cuts are effective immediately. This move aligns with the National Economic and Development Authority’s initiative to expand tariff reductions on EVs and related components until 2028, aiming to boost the adoption of eco-friendly transportation.
The automotive manufacturer has expressed gratitude for the government’s support in promoting sustainable mobility. The company is also considering the introduction of additional HEV models in the Philippines.
Toyota remains the market leader, holding a 46.12 percent share of total vehicle sales for the first half of the year, with a 11.5 percent increase in sales compared to the same period last year.