MANILA, Philippines — Vehicle sales in the country sustained their double-digit growth in the 11 months through November, well on their way to surpassing the industry’s target 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 increased by 23.9 percent to 390,654 units from January to November, higher than the 315,337 units recorded in the same period last year.
“The automotive industry will definitely breach pre-pandemic sales in 2023,” CAMPI president Rommel Gutierrez said.
“We already achieved 92 percent of our 2023 forecast in November; we may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained,” he said.
Gutierrez attributed the higher vehicle sales to continued aggressive marketing activities and supply improvement across all brands.
In October, CAMPI said it had revised upward its 2023 sales forecast to 423,000 units, projecting a 20 percent growth from the previous year. It earlier targeted 395,000 unit sales.
For November alone, vehicle sales rose by 7.6 percent to 37,638 units.
Commercial vehicle sales drove the growth, rising by 7.7 percent to 28,114 units.
Similarly, passenger cars sales went up by 7.1 percent to 9,569 units.
Passenger car sales registered the highest growth rate during the the 11-month period, increasing by 29 percent to 99,665 units. Commercial vehicle sales grew 22.2 percent to 290,989 units.
Toyota Motor Philippines Corp. remained the market leader, accounting for a 46.2 percent market share as it sold 180,480 units.
Mitsubishi Motors Philippines Corp. ranked second, with a 7.32 percent share with 71,883 unit sales.
Ford Motor Co. Phils. Inc. grabbed the third spot, with a 7.37 percent market share, selling 28,586 units.
Nissan Philippines landed in fourth place, with a 6.33 percent market share, as it sold 24,743 units.
Suzuki Phils. Inc. closed the top five, with a 4.27 percent market share, selling 16,676 units.