TOYOTA Motor Philippines Corp. (TMP) yesterday said price reductions on hybrid Toyota and Lexus vehicles will help accelerate adoption to green mobility.
TMP in an advisory over the weekend announced the reduction in prices of hybrid electric vehicles (HEVs) effective July 20 in conjunction with Executive Order (EO) 62 which waived hybrids from duties.
TMP did not indicate the actual price cuts but said customers can enjoy the full import duty reduction.
Before EO 62, tariffs on hybrids were at 5 and 30 percent, depending on the source, until 2028.
“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 in a statement.
Price cuts took effect on Toyota RAV 4, Alphard and Lexus HEVs.
TMP sources HEVs from Japan.
