The Philippine automotive industry sustained a positive performance in the first seven months of 2024, with total sales reaching 265,610 units, marking a 10.9-percent increase from 239,501 units sold in the same period in 2023.
The Chamber of Automotive Manufacturing of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) attributed the steady growth to the surge in passenger car sales and a steady rise in commercial vehicle sales in July.
“New product launches, improved product offerings, good sales momentum, as well as supply availability helped neutralize the impact of Typhoon Carina, especially towards the latter part of July,” said CAMPI president Rommel Gutierrez.
Passenger car sales showed a 17.3-percent increase, reaching 70,798 units, compared to 60,357 units in the same period the previous year.
The substantial growth highlights a growing consumer preference for personal vehicles and indicates a positive trend in purchasing power and economic confidence.
Commercial vehicle sales grew 8.7 percent to 194,812 units compared to 179,144 units a year ago.
Month-on-month, car sales rose 0.6 percent to 39,331 units in July 2024 from 39,088 units in June, while sales year-on-year grew 6.1 percent from 37,086 units in the same month last year.
Passenger car sales improved 2.78 percent to 10,923 units in July from 10,628 units a month ago and 14.9 percent from 9,509 units in July 2023.
Meanwhile, commercial vehicle sales showed a slight drop of 0.2 percent in July 2024 to 28,408 units from 28,460 in June, but rose 3 percent from 27,577 units in July 2023.
Toyota Motor Philippines Corp. remained the dominant market player with 46.21 percent share, followed by Mitsubishi Motors Philippines Corp. with 19.05 percent, Ford Group Philippines with 6.33 percent, Nissan Philippines Inc. with 5.96 percent and Suzuki Philippines Inc. with 4.33 percent.
