Price slash on the Toyota RAV4, Alphard, and Lexus HEVs following Executive Order No. 62 (S.2024)
Yes, you read that headline right. As of July 20, 2024, the RAV4, Alphard, and the Lexus Hybrid Electric Vehicle (HEV) lineup of vehicles are getting a price cut. The announcement from Toyota Motor Philippines follows the issuance of Executive Order No. 62 (S.2024) that covers the exemption of HEVs and Plug-in Hybrid Electric Vehicles (PHEVs) from import duty.
RAV4, Alphard, and HEV lineup of Lexus all get lower prices after import duty exemption
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Photo: Toyota
As can be seen above, select Toyota models plus a lineup of HEVs will be covered by EO No. 62 S.2024. The latest EVIDA update that we posted on our site did hint at a possible price cut to hybrid electric vehicles and Toyota saw it prudent to heed, and make public, its compliance with the Executive Order.
Photo: Toyota
As of July 20, 2024, the covered vehicles’ prices are as listed below:
RAV4
2.5L LTD HEV CVT PHP 2,356,000
2.5L LTD HEV CVT – White Pearl Crystal Shine – PHP 2,371,000
2.5L XLE HEV CVT – PHP 2,046,000
2.5L XLE HEV CVT – White Pearl Crystal Shine – PHP 2,061,000
Alphard
2.5 HEV CVT – PHP 4,665,000
2.5 HEV CVT – Platinum White Pearl Mica – PHP 4,685,000
Lexus
UX 300h F SPORT – from PHP 3,368,000
RX 500h F SPORT Performance – from PHP 6,418,000
UX 300h – from PHP 2,938,000
RX 350h Premier – from PHP 5,468,000
RX 350h Executive – PHP from PHP 4,778,000
NX 350h Premier – from PHP 4,228,000
NX 350h Executive – from PHP 3,158,000
LBX Cool – from PHP 2,558,000
LS 500h Premier – from PHP 9,038,000
IS 300h Premier – from PHP 3,098,000
IS 300h Executive – from PHP 2,868,000
ES 300h Luxury – from PHP 3,808,000
ES 300h Executive – from PHP 3,498,000
LM 350h 7-Seater – from PHP 7,158,000
LM 350h 4-Seater – from PHP 10,718,000
*** Please note that the prices on the Lexus website did not as explicitly indicate that they are updated as of July 20, 2024, unlike that of Toyota’s
Photo: Lexus
Electrification has continuously been getting strong pushes from the government, and electric vehicles, particularly of the full and plug-in sort, are already reaping the “rewards”. It won’t be long before manufacturers other than Toyota will follow suit given the Executive Order, and that said, HEVs will inevitably become more competitively priced in an industry where value for money is possibly the biggest consideration for any would-be buyer.
Like you, we eagerly await announcements from other brands if they are going to slash the prices of their HEVs as well. As we said, we believe it won’t be long now, and when the announcements come in, trust that we’ll be keeping you, our readers, abreast of the new prices as they come.
Pretty exciting time to be alive for electrified vehicle fans, yes?
