MANILA, Philippines – Combined sales of the country’s largest vehicle industry group rose nearly a quarter last year, fueling the local automotive industry to breach the 400,000-unit sales mark.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) released yesterday showed the group sold a total 359,572 units in 2016, a 24.6 percent jump from the 288,609 units rolled out the previous year.
“This exceeded the group’s target for the year of 329,300 units, and will certainly meet the 2016 combined target with other industry players of 370,000 units,” CAMPI and TMA said.
CAMPI and TMA members account for 85 to 90 percent of total vehicles sold in the country, with the balance from the Association of Vehicle Importers and Distributors (AVID).
As of end-September 2016, AVID has reported total sales of 68,746 units. Combining AVID’s nine-month sales with CAMPI’s full-year figures, total industry sales so far stood at 428,318 units, with AVID still has a quarter of unreported sales performance.
Sales of the passenger car segment among CAMPI and TMA members stood at 133,188 units last year, up 14.4 percent from 116,381 units in 2015.
The commercial vehicles segment, meanwhile, posted sales of 226,384 units, a 31.4 percent increase from the 172,228 units sold in 2015.
“We are very glad that we were able to surpass the target this year. Successful introductions of new models complemented by various events and promotions enabled us to meet increasing customers’ demands in an expanding Philippine market,” CAMPI president Rommel Gutierrez said.
Last year, Toyota Motor Philippines Corp. retained its leadership of the local market with a share of 44.14 percent.
Mitsubishi Motor Philippines Corp. ended the year with a 17.08 percent market share, followed by Ford Motor Co. with 9.37 percent and Isuzu Philippines Corp. with 7.61 percent.
Mitsubishi saw its sales grow 13.5 percent year-on-year to 61,400 units, while Ford and Isuzu also recorded double-digit year-on-year sales growth with 33,688 units and 27,361 units, respectively.