Auto sales show strong start, up 15.5% this January

After reaping tremendous sales last year, the auto industry showed a tough start for this year, as January 2024 sales jumped 15.5 percent compared to the same period in 2023.

Based on the consolidated report of the Chamber of Automotive Manufacturers of the Philippines, Inc. or CAMPI, and the Truck Manufacturers Association or TMA, January 2024 sales stood at 34,060, increasing from 29,499 in January 2023.

The report said that passenger cars accounted for 25 percent of total sales at 8,446 units while commercial vehicles accounted for 75 percent at 25,614 units.

According to CAMPI president Atty. Rommel Gutierrez, 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 percent higher compared to CAMPI-TMA's 2023 sales of 429,807 units.

“We are starting 2024 with a 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 in the 2nd half of 2024, whose 2024 performance could well exceed CAMPI’s initial forecast and reach 500,000 units as motor shows generally boost sales.

Further, the auto sales report said Toyota Motor Philippines Corporation leads the market with a 47.2 percent share, followed by Mitsubishi Motors Philippines Corp. with 17.9 percent, while Ford Motor Company Philippines Inc. and Nissan Philippines Inc. almost tied with 7.2 percent, and Suzuki Philippines Inc. with 4.4 percent.