Vehicle sales grew 2.4 percent in September 2024, slowing from the 10.3-percent increase registered in August, two industry groups said Wednesday.
Industry data released by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that sales increased to 39,452 units in September 2024 from 38,628 a year ago.
Passenger car sales went up by 9.2 percent to 10,348 unit from 9,558, while commercial car sales rose by a marginal 0.1 percent to 29,104 from 29,070.
Demand also increased 1 percent month-on-month from 39,155 units in August 2024. Passenger car sales rose 9.54 percent on a monthly basis, while commercial vehicles declined 1.8 percent.
CAMPI noted the lack of new model releases in September, possibly due to the brands’ preparation for the upcoming Philippine International Motor Show in October where members expect to launch new models.
“As such, we would like to take this opportunity to invite everyone to stay tuned for exciting news and releases related to the 9th PIMS on Oct. 24 to 27, 2024,” said Gutierrez.
Despite the meager growth in September, total automotive sales reached 344,307 units in the first three quarters of 2024, up by 9.4 percent from 314,843 delivered in the same period last year.
CAMPI president Rommel Gutierrez said, “the increase can be attributed to new stock arrivals and improved promotions from the brands.”
Commercial vehicle sales reached 253,542 units, accounting for 74 percent of total sales in the nine-month period.
Passenger cars registered sales of 90,765 units, equivalent to 26 percent of the total.
Toyota Motor Philippines Corp. (TMPC) remained the dominant market player with a 46.21 percent share, followed by Mitsubishi Motors Philippines Corp. (MMPC) with 19.18 percent, Ford Group Philippines with 6.23 percent, Nissan Philippines Inc. (NPI) with 5.90 percent and Suzuki Philippines Inc. with 4.35 percent.
