Electrified vehicle sales doubled in 2024, says TMP Chairman

2024 is the year when electrified vehicles have started to pick up traction in the Philippine market.

Following the Marcos administration’s executive order that cut down import duties for electric vehicles (EV) to zero last year, the same tariff breaks have been extended this year to include plug-in hybrids (PHEV) and hybrid electric vehicles (HEV).

This has enabled a lot of vehicle brands in the country to roll out more electrified vehicles, but more importantly, offer them at more competitive prices. As a result, more buyers have welcomed the idea of owning electrified vehicles this year.

TMP Chairman Alfred Ty has recognized the efforts of the entire auto industry to grow the electrified market and said in his speech that projected sales of electrified vehicles are set to hit around 18k units in 2024, about a 100% increase vs 2023.

With the PH auto industry set to hit the 470k mark this year, that means electrified vehicles account for almost 4% of this year’s total vehicle sales. Percentage-wise, it’s not much. But in terms of volume, that’s where the sales of electrified vehicles are picking up.

Toyota has one of the most extensive lineup of hybrid vehicles in the Philippine market, with volume drivers coming from the likes of the Yaris Cross HEV and the Corolla Cross HEV, while also offering electrified vehicles in the premium segment through the Lexus brand and the Toyota Alphard in particular.

Meanwhile, other brands have also ramped up their electrified vehicle offering this year which contributed to the growth of the segment. For legacy brands in the market, Honda recently introduced the Civic e:HEV as its second hybrid after the CR-V, while newcomers like BYD diversified its lineup with the addition of the Sealion 6 and the Seal 5 DM-I which are both plug-in hybrids.