The Philippine Automotive Industry starts 2024 with a 15.5% growth over January 2023 sales. The joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) posted 34,060 total sales for the first month of 2024 increasing from 29,499 during the same period last year. Passenger Cars (PC) accounted for 25% of total sales at 8,446 units while Commercial Vehicles (CV) accounted for 75% at 25,614 units.
“CAMPI President Atty. Rommel Gutierrez says there are more reasons for optimism in 2024 despite inflation risks and the imminent taxation of double cab pickup. CAMPI’s conservative forecast is 468,300 units in 2024, which is 9% higher compared to CAMPI-TMA 2023 sales of 429,807 units.
“We are starting of 2024 with positive business and consumer confidence outlook. We see new model introductions and the expansion of electrified vehicle line-up especially in the hybrid electric vehicle segment, and more brands coming into the market”, Gutierrez said. These are all indications of a strong and vibrant auto market.
CAMPI is slated to hold the 9th Philippine International Motor Show (PIMS) in 2nd half of 2024. This means 2024 performance could well exceed CAMPI’s initial forecast and reach 500,000 units as motor show generally boost sales.
Toyota Motor Philippines Corporation leads the market with 47.2% share, followed by Mitsubishi Motors Philippines Corp. with 17.9%, Ford Motor Company Philippines Inc. and Nissan Philippines Inc. almost tied with 7.2%, and Suzuki Philippines Inc. with 4.4%.
