Toyota Motor Philippines will be hiking up the prices of several models effective on May 1, 2024. This was disclosed through a social media post by the Toyota Valenzuela dealership.
Toyota Avanza
As per Toyota Valenzuela's post, this price increase will apply to the Yaris Cross, Avanza, Veloz, Rush, Hilux, Fortuner, RAV4, Hiace, GR86, Alphard, and Coaster models.
For now, the car brand is yet to share the exact figures for the said model’s price increases, but the reasoning behind this price bump is the rising costs to produce these vehicles. Specifically, the post by Toyota Valenzuela cited “continued severe materials cost increase.”
While this is headache-inducing for would-be car buyers, price hikes are a common and recurring event in the automotive industry.
The increasing inflation rate often correlates to the price increase of products, including cars. In addition, a high demand may also dictate the rise and fall in pricing as this does affect a company’s supply chain.
Do remember that TMP saw 49,667 new car sales in the first quarter of 2024. That’s equivalent to a year-on-year sales increase of 9.9 percent. This is a likely indicator that the demand for Toyotas in the Philippine market isn’t likely to let up soon.
Toyota Fortuner
More predictably, carmakers also update their offerings year-by-year whether it be with more onboard tech or more safety for additional cost. These help in making a vehicle more appealing to buyers. But in other markets, the addition of safety technologies on vehicles is often dictated by government legislation and the like.
As mentioned above, the price hike for several Toyota models will come into effect on May 1. So by then, we can expect more details, as well as an updated price list from TMP.
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