Automotive sales in the Philippines sustained its double-digit growth in January 2024, reflecting positive business and consumer confidence.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report total sales of their members reached 34,060 units in the first month of 2024, or 15 percent higher than 29.499 units delivered in the same month in 2023.
“We are starting 2024 with positive business and consumer confidence outlook. We see new model introductions and the expansion of electrified vehicle line-up especially in the hybrid electric vehicle segment, and more brands coming into the market,” said CAMPI president Rommel Gutierrez.
Passenger cars (PC) accounted for 25 percent of total sales at 8,446 units, up by 12.5 percent from 7,506 units a year ago.
Commercial vehicles (CV), which accounted for 75 percent of overall sales, grew by 16.5 percent to 25,614 units from 21,993 in the same month last year.
Data, however, showed that month-on-month vehicle sales declined by 13 percent from 39,153 units in December 2023.
Passenger car sales dropped 12.01 percent from 9,599 units in December while commercial vehicle sales went down by 13.3 percent from 29,554 units.
Gutierrez said there are more reasons for optimism in 2024 despite inflation risks and the imminent taxation of double-cab pickup trucks.
CAMPI maintained a conservative sale forecast of 468,300 units in 2024, or 9 percent higher than the two industry groups’ sales of 429,807 units in 2023.
Meanwhile, Toyota Motors Philippines (TMP) welcomed its new president Masando Hashimoto as it thanked outgoing president Atsuhiro Okamoto for its invaluable contribution to the then Philippine automotive industry, especially during the pandemic.
Hashimoto said he is a firm believer in multi-stakeholder cooperation, a driving force to make the industry more globally-competitive.
“One of our goals is to contribute to economic balance so we will continue to enhance our very own automotive and parts manufacturing capabilities,” he said.