Aside from launching the head distributorship of Hyundai vehicles in the country recently, several other things about the new Hyundai Motor Philippines (HMPH) intended local operations were revealed.
Accepted recently as one of the three newest associate members of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), Hyundai’s disclosure of bringing in (aside from the 4 newly-launched vehicles) their Ioniq-5 (recently adjudged as the World Car of the Year and World Electric Car of the Year) later in the year gives added excitement to the Philippine International Motor Show set on Sept 15-18 at the World Trade Center. The two others accepted were Geely and Chery, both Chinese-brand cars that are heavily competing in the local industry today, which brings to 21 the total number of CAMPI members.
Every car enthusiast is raring to see first-hand the Ioniq-5 and they would surely be very thrilled to go onboard one if and when HMPH brings them in time for the PIMS middle of next month.
Hyundai is also enticing the local market with its plan of bringing in the Palisade (a 7-seater SUV that is their replacement to the aging Starex) and the Stargazer (a multi-purpose vehicle that intends to rival the Veloz and the Xpander) which are replete not only with the good looks but also a number of advanced technologies.
In its preparations to go head-on with its rivals locally, HMPH intends to expand its network from 38 to 45 dealerships by next year.
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It seems like there is no stopping the increase in the prices of pickup trucks after the Lower House committee on ways and means approved an expanded bill that slapped excise taxes on these vehicles.
The removal of the excise tax exemption on pickup trucks was added just recently and was not included in the formerly called Passive Income and Financial Intermediary Taxation Act (Pifita).
But the finance department urged the House ways and means committee to “pass an enhanced version of the Pifita,” that included the removal of excise tax exemption on pick-up trucks. It was added that “manufacturers modify pickup tricks to serve as passenger, leisure or sports utility vehicles which allows them to circumvent the provision of the (Train) law and purpose of exemption.”
It is estimated by the finance department that tax collections from 2022 to 2026, if excise tax will already be slapped on pickup trucks, could hit P52.6-billion.