E-vehicle sales this year to surpass 2023 record

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Sales of electric vehicles (EVs) in the country reached nearly 10,000 units during the first seven months of 2024, giving local sellers a wide window to exceed last year’s record.

Latest data from the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association (TMA) obtained by the Inquirer showed that 9,775 units had been sold from January to July, about a thousand shy of the 10,602 units recorded for the whole of 2023.

Hybrid electric vehicles (HEVs) were the topmost sold with 8,638 units, followed by battery electric vehicles (BEVs) with 1,101 units.

READ: Gov’t to issue new EV industry road map this month

Plug-in hybrid electric vehicles (PHEVs) came in last with 36 units.

Sought for comment, Rizal Commercial Banking Corp. chief Economist Michael Ricafort noted that vehicle sales growth including EV, has been faster than the Philippines gross domestic product expansion.

He said this could be a reflection of the country’s favorable demographics that seem to be in the sweet spot, with majority of the population already in the working age.

Additionally, he cited the country’s workers having a relatively young average age of below 25 years old, leading to higher incomes and spending power that translate to the faster growth in vehicle sales.

“Lack of mass transport system also helped sustain the double-digit growth in vehicle sales, as well as more sales of electric and hybrid vehicles,” said Ricafort.

Other trends seen contributing to the EV sales growth include the modernization of transport fleets, availability of new models and easier ownership terms such as low down payment offerings, he added.

“Further growth in EV sales is largely due to lower prices, more choices and competition, and greater awareness on sustainability initiatives by more people in the country,” Ricafort said further.

The government is planning to release this month the updated road map for the local EV industry, which, among others, will also include the new mandatory share of these vehicles in both private and public sector fleets.

The updated Comprehensive Road Map for the Electric Vehicle Industry will also contain new guidelines for dedicated EV parking slots, as well as for the construction of charging stations in those areas and in gasoline stations. INQ