Toyota Motor Corp. announced its intent to invest PHP 4.4 billion to manufacture the next generation of the iconic Tamaraw in the Philippines next year.

The Philippines is one of Southeast Asia’s leading automotive manufacturing countries, especially as it registered the second-fastest growing market in the region back in 2021. In fact, the industry continues to grow—with vehicle sales even predicted to rise from 10 to 15% percent this year, based on the previous performance of car sales. 

What’s more, there are around 1.27 million private cars that were registered in the country way back in 2022. And this just encompasses six percent of households nationwide or around 12% in the Greater Manila Area. 

Among all the car brands that sell in the country, Toyota was considered the best-selling local car brand in 2022. That same year, the Japanese carmaker sold 174,106 units, making up around 49.38% of the local automotive industry’s market share.

As they continue to lead the local automotive industry, the company shares their investment plans for the upcoming year, including a PHP 4.4 billion investment for the production of the next-gen Tamaraw vehicle. 

Presenting the Next-Gen Automobile

During the celebration of Toyota Motor Philippines’ 35th anniversary, Chairman Akio Toyoda announced the production of new IMV-0 vehicles (innovative international multi-purpose vehicles) in the country. This will happen for the first time ever—with their investment of PHP 4.4 billion. 

“We are pleased to say that in 2024, for the first time ever, IMV vehicles such as this next-generation Tamaraw will be produced as CBU (completely built-up) vehicles right here in the Philippines at our Santa Rosa plant,” Toyoda said.

“This represents an additional investment of Toyota of P4.4 billion so when I say I’m committed to the Philippines, you can count on me to put my money where my mouth is,” he added.

The Concept Behind the New Tamaraw

According to Toyoda, the IMV-0 concept was developed upon observing the needs and lifestyles of the car’s potential owners. He also said that the company aims to continue providing economic opportunities for the Philippines and Asia. “We want to contribute more to this country more than just cars,” he said.

By bringing back the classic Tamaraw vehicle, Toyota brings in a sense of nostalgia, especially to those who have previously owned said model. More so, it is by bringing the new Tamaraw to life that younger generations can appreciate the vehicle’s functionality, which used to be the main reason behind its popularity.

And should Toyota incorporate some new features, this next-gen automobile can be appealing to both old and new generations who want to experience what the car offers.

Should the brand continue to develop cars that Filipinos will love, it can cement its name at the forefront of the local automotive industry. More so, this can strengthen the demand for quality cars that Filipinos would need to solve their transportation problems.