BUSINESS

Vehicle sales soar 15% in April

Raffy Ayeng · May 30, 2024, 10:38 AM

(FILES) With the establishment of the 32-hectare TMP Batangas Vehicle Center, TMP processes the completely built-up units arriving from the nearby Port of Batangas at a higher capacity and level of efficiency. — PHOTOGRAPH COURTESY OF TMP

The country’s auto industry continue to show improved sales, as it posted a 14.8 percent increase last month or close to 147,000.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) on Wednesday showed the industry ending April 2024 with vehicle sales of 146,920 units, a 14.8 percent increase from 127,927 units during the same period in 2023.

Moreover, the industry also displayed strong year-to-date performance despite a slight month-on-month tame in sales at 0.4 percent.

“On the demand side, positive consumer and business confidence plus stability in automotive finance boosted sales,” CAMPI president Rommel Gutierrez said.

With the said record in April, commercial vehicles continue to drive industry performance at 108,667 units accounting for 74 percent of total sales.

On the other hand, passenger cars registered sales of 38,280 units equivalent to 26 percent share of total sales.

Toyota Motor Philippines Corporation remains the market leader with 46 percent share, followed by Mitsubishi Motors Philippines Corporation with 18.94 percent, Ford GroupPhilippines at 6.59 percent, Nissan Philippines, Inc. with 6.38 percent, and Suzuki Philippines Inc. with 4.16 percent share.

Meanwhile, in recent industry developments, the National Economic Development Authority (NEDA) announced the expansion of Executive Order No. 12 (0% MFN tariff) coverage to include Hybrid Electric Vehicles (HEV) and Plug-in HEV.

Gutierrez said that “CAMPI is expecting improvement in EV sales ratio this year considering EO12 support. In 2023, the combined EV sales was only 2.5 percent of total sales.”

Also, the Department of Energy announced the implementation of higher biofuel blends beginning October 2024.

CAMPI says new vehicles are already compatible with B3 biodiesel. Further, CAMPI notes that E20 is voluntary. “It is part of the global strategy of OEMs, and along with other carbon neutrality and electrified options, it will eventually come to the Philippines," Gutierrez said.