Vehicle sales jumped 15.5% in January | Inquirer Business

Vehicle sales jumped 15.5% in January

/ 02:12 AM February 22, 2024

MANILA, Philippines  The number of newly sold automotive vehicles in the Philippines reached over 34,000 units in January, exceeding the volume in the same month last year by more than a fifth and continuing the sector’s growth track after a record year.

According to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association released on Wednesday, a total of 34,060 vehicle units were sold during the month.

This is equivalent to a 15.5-percent increase from the 29,499 units sold in January of 2023.


Campi President Rommel R. Gutierrez said they are still optimistic despite a number of headwinds on the horizon, including inflation and the imminent taxation of double cab pickups.


READ: BIZ BUZZ: Tax on pickups picks up

“We are starting 2024 with a positive business and consumer confidence outlook,” Gutierrez said. “We see new model introductions and the expansion of electrified vehicle lineup, especially in the hybrid electric vehicle segment, and more brands coming into the market.”

He added that these were all indications of a “strong and vibrant” auto market.

Auto industry’s forecast

The automotive industry group said that it has a conservative forecast of selling 468,300 units this year, which is 9 percent higher compared to 429,807 in 2023, and beating pre pandemic levels.

READ: New vehicle sales seen to hit 500,000 in 2024

The sales volume was at 352,596 units in 2022; 268,488 units in 2021; 223,793 units in 2020, and 369,941 units in 2019.


Data from the two industry associations also showed that passenger cars accounted for 25 percent of total sales, equivalent to 8446 units.

The remaining 75 percent comprises commercial vehicles—which includes sports utility vehicles, pickups, trucks and buses—at a total of 25,614 units.

In terms of brands, Japan-made cars still mostly dominated the Philippines automotive market.

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Toyota Motor Philippines Corp. continues to be at the top, having a wide market lead of 47.2 percent.

TAGS: Toyota Motor Philippine (TMP), vehicle sales

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