Vehicle Sales In PH Surge By 23% In February

The sales of automotive vehicles in the country went up by 23.2 percent in February this year, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

The market is also starting to see a consistent presence of EVs and Chinese brands.

Based on the joint report of CAMPI and TMA, vehicle sales hiked to 38,072 units last month from 30,905 units in February last year. Sales of passenger cars went up by 34 percent while commercial vehicle sales also grew by 19.8 percent, the report showed.

In the first two months of 2024, total vehicle sales reached 72,132 units compared to 60,404 units sold in the same period in 2023, marking a 19.4 percent increase.

The joint report also disclosed that both the passenger car and commercial vehicle segments recorded double-digit growth compared to the 2023 level.

According to CAMPI president Rommel Gutierrez, early marketing campaigns and improved inventories supported by stable interest rates continue to boost customer confidence.

“We hope to keep this momentum and achieve a strong first-quarter finish, which will set the outlook for 2024,” Gutierrez shared.

CAMPI and TMA noted that Toyota Motor Philippines Corporation continued its lead in automotive sales with a 45.9 percent market share.

It was followed by Mitsubishi Motors Philippines Corporation with 18.4 percent, Ford Group Philippines with 7.2 percent, Nissan Philippines, Inc. with 7.1 percent, and Suzuki Philippines, Inc. with 4.1 percent.

Gutierrez stressed that the industry remains optimistic about its target sales of 468,300 units this year, which would be 9 percent higher than last year’s sales of 429,807 units.

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