TOYOTA MOTOR Philippines Corp. (TMP) has used 25% of the announced P5.5-billion investment for the production of its upcoming Tamaraw multipurpose vehicle, set to launch in the third quarter, the company’s chairman said.
“Rest assured, we’ve been preparing for the arrival of the Tamaraw, and by the time we launch it, the entire investment will have been expended,” TMP Chairman Alfred V. Ty told reporters on Tuesday.
“We announced it in August last year, so it’s been about one year,” he added.
In December, Malacañang announced that TMP’s parent firm, Toyota Motor Corp., committed to investing an additional P1.1 billion on top of the P4.4-billion investment for the assembly of Tamaraw that was announced in August.
TMP has touted the next-gen Tamaraw as a utility vehicle that could be used for the businesses of micro, small, and medium enterprises (MSMEs) or as an ambulance, patrol car, and modernized jeepney.
“This 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 with a viable and sustainable mobility solution for their business,” Mr. Ty said.
TMP was the market leader last year in terms of sales at 200,031 units, equivalent to a 46.5% market share, based on a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association.
The joint report showed that the country’s vehicle sales climbed by 22% in 2023 to 429,807 units compared to the 352,596 units sold in 2022, led by “sustained consumer demand, easier access to credit, and improved supply conditions across all brands.” — Revin Mikhael D. Ochave
