Toyota and Lexus PH dropping the prices of their hybrids

Here’s a bit of news that we’ve been waiting for a while now.

Toyota Motor Philippines, together with luxury auto brand Lexus Philippines, have just announced that they will be dropping the prices of selected hybrids. This is in line with Executive Order 62, which will see a drop in tariffs on hybrid electric vehicles (HEV) produced in countries not covered by a free trade agreement.

EO 62 will greatly benefit consumers looking to get a hybrid electric vehicle from Toyota and Lexus. Specifically, this EO will drop the prices of the hybrid versions and variants of the Toyota RAV4 HEV, Toyota Alphard HEV, Lexus LBX, Lexus UX, Lexus NX, Lexus IS,  Lexus ES, and Lexus RX.

All those models are made in Japan but cannot take advantage of JPEPA because the engine displacements are below 3000cc.

UPDATE: Lexus has advised us that there was also a change in price for the LS and LM, and that the changes are now reflected in their website. 

We checked Toyota’s price list and spotted that the prices may not have changed yet to reflect the drop in SRP. The mass market volume hybrid models such as the Innova Zenix HEV, Yaris Cross HEV, Corolla HEV, Corolla Cross HEV, and Camry HEV will not see reduced prices because those vehicles are already made in South East Asia and are covered by AFTA whether it was a hybrid or not.

Adjusted Toyota HEV Prices

2024 Toyota Alphard HEV CVT - PHP 4,665,000

2024 Toyota RAV4 LTD HEV CVT - PHP 2,356,000

2024 Toyota RAV4 XLE HEV CVT - PHP 2,046,000 

The Lexus price list, however, is confirmed to have a much lower SRP than before regarding HEV models. For instance, the LBX that we reviewed recently is now retailing for PHP 2,558,000. The SRP of the vehicle during our review was PHP 2,968,000. That’s a PHP 410,000 drop in price.

Adjusted Lexus HEV Prices

2024 Lexus LBX - PHP 2,558,000

2024 Lexus UX 300h Premier - PHP 2,938,000

2024 Lexus UX 300h F Sport - PHP 3,368,000

2024 Lexus NX 350h Executive - PHP 3,158,000

2024 Lexus NX 350h Premier - PHP 4,228,000

2024 Lexus RX 350h Executive - PHP 4,778,000

2024 Lexus RX 350h Premier - PHP 5,468,000

2024 Lexus IS 350h Executive - PHP 2,868,000

2024 Lexus IS 350h Premier - PHP 3,098,000

2024 Lexus ES 300h Executive - PHP 3,498,000

2024 Lexus ES 300h Premier - PHP 3,808,000

-

Below is the statement in full from Toyota:

Pursuant to the provisions of the newly signed Executive Order No. 62 (S.2024) of exempting Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) from import duty, Toyota Motor Philippines (TMP) is pleased to inform its customers of reduced Suggested Retail Prices (SRPs) for the Toyota RAV4, Alphard, and Lexus HEVs effective 20 July 2024.

TMP expresses its appreciation to the government for this step to promote more sustainable mobility options, which aligns with Toyota and Lexus’ multiple pathway approach to carbon neutrality.

Toyota and Lexus encourage customers to visit the nearest authorized dealership for more information to enjoy these attractive prices for their HEVs.