Auto sales hit brakes in Nov.
We already achieved 92 percent of our 2023 forecast in November; we may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained
Daily TribuneWe already achieved 92 percent of our 2023 forecast in November; we may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained
Vehicle sales in November slowed down from the previous month but rebounded strongly from a year ago, an industry group reported on Tuesday.
Based on the joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. or CAMPI and the Truck Manufacturers Association or TMA, November 2023 sales only stood at 37,583 units, down more than a thousand units from 38,128 last October 2023.
However, the joint report said sales for the year until November were up 23.9 percent, or 390,654 units sold compared to 315,337 during the same period in 2022.
Breaching pre-pandemic sales
CAMPI president Rommel Gutierrez emphasized that he was confident that the automotive industry "will breach pre-pandemic sales in 2023."
The auto industry's 2019 high of 369,941 units sold was already surpassed based on the November 2023 sales.
Gutierrez said, "We already achieved 92 percent of our 2023 forecast in November; we may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained."
Furthermore, Gutierrez said vehicle sales are being pushed by continued aggressive marketing activities and supply improvement across all brands.
The report further noted that commercial vehicles continue to drive industry performance at 28,114 units accounting for 75 percent of total sales, while passenger cars registered sales of 9,569 units.
Japanese car manufacturer Toyota Motor Philippines Corp. continues to dominate the automotive market with a 46.2 percent share, followed by Mitsubishi Motors Philippines Corporation with 18.4 percent.
At third is the United States' Ford Motor Company Philippines Inc. with 7.3 percent, followed by Nissan Philippines Inc. with 6.3 percent, and Suzuki Philippines Inc. with 4.3 percent.