Car sales up 27 percent in nine months

MANILA, Philippines — As vehicle sales continued to post double-digit growth from January to September, automakers are now forecasting a higher 20 percent sales growth for the year.

Latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales reached 314,843 units from January to September, 26.9 percent higher than the 248,154 units in the same period last year.

In a statement, CAMPI said it has revised its 2023 sales forecast to 423,000 units, projecting a 20 percent growth from its 2022 actual sales performance.

“The auto market remained resilient since 2021 and current trend indicates that we will breach the highest pre-pandemic sales performance and achieve full industry recovery in 2023,” CAMPI president Rommel Guiterrez said.

Automakers said they are targeting a 10 to 15 percent growth, with sales projected at 395,000 units.

Last year, vehicle sales jumped by 31.3 percent to 352,596 units.

“We recorded the highest monthly sales performance in September and we hope that positive consumer outlook will be sustained in the fourth quarter,” Gutierrez said.

Vehicle sales in September grew 9.5 percent to 38,628 units from 35,282 units in the same month last year.

Passenger car sales led the growth rate in September, posting a 19.8 percent growth with 9,558 units sold, higher than the 7,976 units sold in the same month last year.

Similarly, commercial vehicle sales registered a 6.5 percent growth to 29,070 units from 27,306 units sold in September last year. This was pushed mainly by Light Commercial Vehicles, which sold 23,098 units

Passenger car sales also registered the highest growth from January to September, rising by 33.2 percent to 80,009 units from 60,058 units in the same period last year.

Similarly, commercial vehicle sales increased by 24.8 percent to 234,834 units from 188,096 units last year.

Toyota Motor Philippines Corp. remained the market leader in the first nine months, accounting for a 45.81 percent market share as it sold 144,232 units.

Mitsubishi Motors Philippines Corp. ranked second, with an 18.44 percent share as it sold 58,065 units.

Ford Motor Co. Phils. Inc. grabbed the third spot, with a 7.33 percent market share, selling 23,091 units.

Nissan Philippines landed in fourth place, with a 6.36 percent market share, as it sold 20,037 units.

Suzuki Phils. Inc. closed the top five, with a 4.28 percent market share, selling 13,490 units.