Toyota Manufacturing Philippines is investing P4.4 billion to revive the Toyota Tamaraw model in the Philippines, focusing on the mobility needs of the micro, small and medium enterprises, a top executive said.
Toyota Motor Corp. chairman Akio Toyoda announced the new investment in the Philippines during the 35th founding anniversary of Toyota Motor Philippines at Grand Hyatt Hotel in Taguig City Tuesday.
“In 2024, IMV 0 [Innovative International Multi-purpose Vehicle] vehicles such as the next-generation Tamaraw will be produced as CBUs [completely built-up] in the Philippines at our Sta. Rosa plant,” he said.
He said the new-generation Toyota Tamaraw could enhance the quality of life for many people and provide economic opportunities.
“And when I say I am committed to the Philippines, you can count on me to put my money where my mouth is,” he said.
Toyota is building an ecosystem that will benefit the thousands of MSMEs in the Philippines, driving growth for the country and for Toyota.
The Tamaraw concept rides on the IMV 0 platform which is a versatile chassis concept that can adapt to the needs of the users. It can be a pick-up for farmers and businessmen, or a modern jeepney supporting the country’s transportation network, or it can be used as an ambulance or government- purposed vehicle.
Production of the new generation Tamaraw will start rolling by the third quarter of 2024.
Toyota said it would announce the target production volume soon. The first phase of production is geared to support the local economy. It said there are no immediate plans to export the vehicle.
Toyota Motor Philippines chairman Alfred Ty cited important milestones of the company in its 35 years of operating in the Philippines.
“From a startup of 20 people, Toyota is now close to 4,000 strong [skilled workforce]. As of mid-year 2023, we have produced 1.03 million units in the factory and delivered a cumulative of 2.24 million units to Filipino homes across the country” he said.
The Toyota Group invested P73.7 billion and contributed P448 billion to the national government’s coffers.
Total exports of the company amounted to $18.76 billion worth of auto parts and components in the last 35 years.
Ty also underscored Toyota’s commitment to transition into a mobility company that aims to meet the rapidly evolving needs of Filipinos.
