PH automotive industry kicked off the year with a notable increase

In January, motor vehicle sales in the Philippines began the year on a positive trajectory, with 34,060 units sold, marking a notable increase of 15.5% compared to the 29,499 units sold during the same period last year. Commercial vehicles dominated the market, accounting for 25,614 units, while passenger cars comprised the remaining 8,446 units, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Makers’ Association (TMA).

Campi President Rommel Gutierrez expressed optimism about the industry’s outlook, citing positive business and consumer confidence. He noted the introduction of new models and the expansion of electrified vehicle line-ups, particularly in the hybrid electric vehicle segment, as contributing factors to the optimistic outlook.

Despite January’s sales being lower than the December figures of 39,153 units, typically boosted by year-end promotions, local vehicle assemblers exceeded expectations in 2023 by selling 429,807 units, surpassing the targeted 423,000. They aim to further increase sales to 468,300 units in 2024, with Campi projecting potential sales reaching 500,000 units, particularly with the upcoming 9th Philippine International Motor Show later in the year.

Toyota Motor Philippines Corp. maintained its position as the market leader, capturing 47.2% of total sales in January, followed by Mitsubishi Motors Philippines Corp. with 17.9%. Ford Motor Co. Philippines Inc. and Nissan Philippines Inc. closely competed for third place, both holding around 7.2% of the market share.

Gutierrez emphasized the resilience of the domestic automotive market despite concerns such as inflation and the impending taxation of double cab pickups, underscoring the industry’s continued robustness.

Business News: PH automotive industry kicked off the year with a notable increase