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  • Writer's pictureBy The Financial District

PH Auto Industry Aims For 468K-500K Unit Sales In 2024

The local automotive industry is optimistic about achieving robust sales this year, targeting a range between 468,300 units as a conservative estimate and potentially up to 500,000 units.


Commercial vehicle sales surged by 16.5% to 25,614 units compared to 21,993 units in January last year, with sub-segments within commercial vehicles also experiencing double-digit growth. I Photo: Nissan Philippines, Inc. Facebook



According to Rommel Gutierrez, President of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), reaching a sales figure of 468,300 units would represent a 9% increase over last year's record of 429,807 units.


CAMPI and the Truck Manufacturers Association (TMA) highlighted the continuation of their double-digit sales momentum, citing January sales figures of 34,060 units, a 15.5% increase from January 2023's 29,499 units.



They noted that all segments experienced double-digit sales growth last month.


Commercial vehicle sales surged by 16.5% to 25,614 units compared to 21,993 units in January last year, with sub-segments within commercial vehicles also experiencing double-digit growth.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Similarly, passenger car sales saw a 12.5% improvement, rising to 8,446 units in January from 7,506 units in the same month last year.


Gutierrez emphasized the positive outlook for business and consumer confidence at the start of 2024, attributing it to new model introductions, the expansion of electrified vehicle line-ups, particularly in the hybrid electric vehicle segment, and the entry of more brands into the market.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

He mentioned that these factors indicate a strong and dynamic auto market.

Furthermore, Gutierrez noted that CAMPI is scheduled to host the Philippine International Motor Show in the second half of 2024, which typically boosts sales.


He suggested that the industry's performance for 2024 could surpass CAMPI's initial forecast and potentially reach 500,000 units, likewise underscoring that the industry remained confident in achieving these targets.




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