With 390,654 vehicles already sold by the end of November, the members of the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association only need to sell 32,346 more to meet its 423,000 sales target for this year.

"We already achieved 92 percent of our 2023 forecast in November and we may even exceed our sales forecast of 423,000 units considering December is when many buy their vehicles to take advantage of the exciting year-end promos and availability of new and attractive vehicle models," said CAMPI president Atty. Rommel Gutierrez in a statement.

The year-to-date posting also surpassed the sales level in 2019, the year before the pandemic outbreak when sales dropped by 40 percent.

Vehicle sales improved by 7.6 percent compared to the same month last year (37,683 units vs 35,037 of November 2022) bolstered by the 28,114 units of commercial vehicles sold (7.7 percent growth).

Sales of Asian utility vehicles, a category under the commercial vehicle segment, saw the best performance at 30.7 percent growth to 54,634 units this year from 41,812 units in 2022. It has a market share of 18.78 percent.

This was followed by the 29-percent improvement in the sales of passenger cars, which is 99,665 units compared to the 77,283 units last year. Passenger cars' overall market share is 25.51 percent.

In terms of players, Toyota Motor Philippines Corp. continued its dominance with total year-to-date sales of 180,480 units, comprising 46.20 percent of the market share this year. Its current sales increased by 15 percent from 156,874 units in 2022.

Toyota is followed by Mitsubishi Motors Philippines Corp. with 71,833 units sold; Ford Motor Company Phils. Inc. with 28,586 units sold; Nissan Philippines Inc. with 24,743 units sold; and Suzuki Phils. Inc. with 16,676 units sold.