The Philippine automotive industry is looking at a 16-percent increase in sales to 500,000 units in 2024 from 429,807 in 2023, fueled by the spike in consumer spending.
Chamber of Automotive Manufacturers Philippines, Inc. (CAMPI) president Rommel Gutierrez said that apart from the usual new model introduction driving sales, the addition of 4 new members into CAMPI would help drive sales further.
“We have four new Chinese car makers. Their membership will help us drive more accurate sales data. Unlike before when we are just doing estimates to their contribution to the domestic sales,” he said.
He identified three of them as Jetour Auto Philippines, GAC Motor Philippines and MG Philippines.
These companies will bring in the latest electric vehicle models (EVs), as China is considered the world leading source of EVs with nearly 300 companies manufacturing EV.
Gutierrez said CAMPI was looking forward to the decision of the Department of Energy on the industry’s petition to similarly subject hybrid vehicles to 0 duties.
The group said its proposal is consistent with Republic Act No. 11697 or the Electric Vehicle Industry Development Act (EVIDA).
Zero tariff on imported EVs is seen to democratize access to EVs and increase sales of the local automotive industry.
Automotive sales in the Philippines grew by 21.9 percent in 2023 to 429, 807 units from 352,596 vehicles sold in 2022.
