Automotive sales in November 2023 have slowed down compared to the previous month, however, rebounded year-year-year versus its November 2022 sales, 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 year-on-year, November 2023's total vehicle sales were up 23.9 percent, posting 390,654 units sold compared to 315,337 units sold during the same period in 2022.

Breaching pre-pandemic sales

But CAMPI president Rommel Gutierrez emphasized that he was confident that the automotive industry "will breach pre-pandemic sales in 2023."

The Philippine auto industry's 2019 sales were 369,941 units, which was already surpassed based on its 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 Corporation continues to dominate the automotive market with a 46.2 percent share, followed by Mitsubishi Motors Philippines Corporation with 18.4 percent.

Trailing 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.