Toyota Motor Philippines Corp. has invested P1.375 billion or 25 percent of the P5.5-billion committed under the Innovative International Multi-purpose Vehicle or IMV-0 for the return of Toyota Tamaraw.
Alfred Ty, TMP president, told reporters at the Media Thanksgiving Grand Hyatt Manila on Tuesday the company shall have spent the entire P5.5 billion by the time the Tamaraw is launched in the third quarter of the year.
“We are on track on Tamaraw; it’s moving. We should be ready to roll out by the third quarter,” Ty said.
TMP is investing another P1.1 billion for the project, on top of the P4.4 billion it announced in 2022.
Ty said TMP said the introduction of Lite Ace in 2022 served as a good preparation for marketing the Tamaraw.
“We ‘ve been selling to the light commercial truck market through Lite Ace which is fully imported. That’s the same market we are tapping. We get to understand the needs of the market better,” Ty said.
In his speech, Ty said the planned introduction of the Next Generation Tamaraw ”is very much aligned with the program of government to expand manufacturing activity in the Philippines…it will create jobs, support local parts makers and provide MSMEs (micro, small and medium enterprises) with a viable and sustainable mobility solution for their business. “
Toyota continues to be the country’s most popular car brand for the 22nd consecutive year in 2023, with sales hitting record and shattering the 200,000-unit barrier.
Last year, Lexus’ market share in the luxury market has increased to 42 percent.
This segment expanded 37 percent to 4,396 units.
Ty said in line with the recovery of sales,TMP paid a total P60 billion in terms of taxes and duties.
Ty said sa les of hybrids and Lexus RZ BEV increased their representation in the Groups line-up to 3.6 percent from 1.2 percent in 2022.