SANTA ROSA, Laguna. — The return of the Tamaraw will boost local manufacturing.
Toyota Motor Philippines Corp. (TMP) is investing P5.5 billion in vehicle production, in-house and outsourced parts localizations as well as the conversion facilities for the iconic vehicle model.
TMP president Masando Hashimoto told reporters on the sidelines of the rolloff of the Next Generation Tamaraw in its factory here the company continues to beef up parts sourcing from local suppliers even as the Tamaraw has reached 25 percent in local content.
Hashimoto also said TMP will begin to rebuild its standing in the commercial vehicle segment where the Tamaraw used to dominate before local assembly was discontinued in 2004. Between 1991 and 2004, cumulative sales of Tamaraw stood at 140,000 units.
Now positioned as a utility vehicle for passengers and cargoes, the Next Generation Tamaraw is expected to be the third- top selling model in the TMP lineup, after Vios and Innova which are also assembled in the company’s facilities here.
Hashimoto said production is targeted at 20,000 units a year, bringing up total plant capacity to more than 60,000 annually.
He said TMP targets to sell 1,500 to 1,800 units per month.
Hashimoto said TMP will also explore the potential to export Tamaraw to Asian markets.
The Tamaraw is based on Toyota’s new International Multi-purpose Vehicle 0 (IMV 0) platform for the Asian market.
TMP said the move to localize Tamaraw underscores the company’s support to the Philippine government in strengthening the economy, revitalizing local automotive manufacturing, and adding new value by reaching new sectors.
At the rolloff, TMP also showcased its new 1.5-hectare “TMP Conversion Factory,” built with a P1.1 billion investment. This brings the total investment in the IMV 0 project to P5.5 billion.
The newly constructed facility can convert the vehicle into three Tamaraw body styles – dropside, utility van, and aluminum van – with gas and diesel engine options. It also features advanced technology to ensure safety, quality, cost efficiency, and environmental sustainability.
Price starts at below P800,000 units.
For its upstream economic impact, the local production of the Next Generation Tamaraw also boosts TMP’s supply chain. Toyota suppliers – including new parts-makers and returning previous-generation Tamaraw body builders – have drawn investment plans amounting to P500 million, covering plant set-up, expansion, and procurement of equipment. Retail sales will commence by January 2025.
