Hybrid vehicles: Too tempting, too costly
Derrick Kuzak, Ford Motor Company group vice president, Global Product Development, left, and Takeshi Uchiyamada, Toyota Motor Corporation executive vice president, Research & Development shake hands at a news conference in Dearborn, Michigan. The automakers announced they will equally collaborate on the development of an advanced new hybrid System for light truck and SUV customers. AP
The Philippine market is increasingly embracing hybrid vehicles, but the very high costs of units on sale continue to be an impediment to their widespread adoption, according to Toyota Motor Philippines Corp.
TMP president Michinobu Sugata said that, in the two years the Toyota Prius had been in the Philippine market, sales had averaged at about two units a month.
This was not because local motorists were not receptive to hybrid vehicles, he said. The steep price tag on the Prius—placed at between P2.2 million and P2.3 million—would make motorists think twice about going the hybrid route.
“Oil prices are crazy, so I really think the market is ready for hybrids. Motorists now are looking for more fuel-efficient vehicles,” Sugata said. “But it’s still quite expensive. We have to make hybrids more affordable.”
This could be done with the aid of government, he said, by way of incentives on hybrid vehicle imports.
“We anticipate some incentives to come for hybrid vehicles, probably on import duties and excise taxes. Thailand and Malaysia have lowered the excise duties on hybrid vehicles. Similar measures should be considered by the [Philippines] government,” Sugata said.
Sales of the Toyota Prius continued to average at about two to three units a month, he said. The Lexus CT200h luxury hybrid had fared a little better since its launch in the Philippine market last February.
The combined sales of the Prius and the Lexus CT200h came up to around 10 units a month, Sugata revealed.
Last year, TMP sold around 20 Prius units.
The Prius and the CT200h are the only hybrid vehicles commercially available in the local market. But recently, there had been an increased production of electric jeeps and electric tricycles for public transport.
Even one of the country’s biggest bus companies, Victory Liner Inc., has expressed interest in deploying and eventually manufacturing electric buses.
