Following the launch of the first hybrid car in the country, Toyota Motor Philippines (TMP) Corp. is now seeking incentives from the government to enable it to cut the price of the environment-friendly vehicle.
TMP president Hiroshi Ito said the Toyota Prius was heavily taxed, so incentives could really help bring down the price from the current P2.2 million.
“We’re still discussing with the government. This vehicle is not under the incentives program. If there are incentives, then the price can go down,” he told reporters on the sidelines of the Prius launch Friday evening.
He explained that more than 30 percent of the car’s price, or around P600,000, was composed of three layers of taxes: import duty, excise tax and value-added tax.
But with or without incentives, he said TMP was targeting to sell 100 units of the Prius this year.
So far, 30 units of the Prius were already in-country, he said. TMP had yet to start commercial selling of the hybrid vehicle.
The Toyota Prius runs on either or both gasoline and electricity via the company’s Hybrid Synergy Drive technology.
It has been selling in more than 40 countries worldwide, its biggest markets being the United States and Japan.
This third-generation Prius will be marketed in more than 80 countries worldwide to promote the use of hybrid vehicle technology.
In an earlier interview, TMP vice chair Alfred Ty said that in many of its markets, Prius buyers were treated to a host of incentives, including tax reductions, subsidies and even parking priorities, to stimulate the use of environment-friendly vehicles.
He said TMP could use similar incentives.
Meanwhile, Ito said TMP expected overall vehicle sales for the year to be about the same as in 2008, or 45,915 units.
The company closed 2008 with a market share of 36.9 percent.
As of end-May, TMP continued to hold the top spot in the local auto industry with sales reaching 17,080 units for a 34.9-percent share of the market.
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