Hot topics close

PH vehicle sales zoomed in Feb; 72,132 new units sold

Sales of auto vehicles in the Philippines accelerated by almost a fifth in February, driven mostly by purchases of commercial vehicles.

MANILA, Philippines — Sales of auto vehicles in the Philippines accelerated by almost a fifth in February, driven mostly by purchases of commercial vehicles such as trucks and other utility vehicles.

According to the joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Wednesday, a total of 72,132 new vehicle units were sold during the month.

This is equivalent to a 19.4-percent increase compared to the 60,404 units sold in February of 2023.

Campi president Rommel R. Gutierrez said that early marketing campaigns and improved inventory supported by stable interest rates continued to boost customer confidence.

FEATURED STORIES

READ: PH vehicle sales hit record high in 2023

“We hope to keep this momentum and achieve a strong first quarter finish, which will set the outlook for 2024”, Gutierrez said, adding that they are looking at a very strong performance this year given the planned staging of the 9th Philippine International Motor Show later this year.

Vehicle sales forecast

Earlier this year, the Campi had said that they have a conservative forecast of selling 468,300 vehicle units this year, which will mark a 9-percent increase compared to full-year figure last year if it is reached.

Annual sales reached 429,807 vehicle units in 2023, a level that has surpassed prepandemic levels.

Before that record-high number, unit sales were at 352,596 in 2022, 268,488 in 2021, 223,793 in 2020 and 369,941 in 2019.

READ: Thai February car output drops 19.3% on EV imports

A closer look at the data from the two industry groups showed that commercial vehicles accounted for 75 percent of total sales in February, with 54,048 units in this vehicle category sold in the local market.In this vehicle segment, light commercial vehicles continued to be the main driver with 40,201 units sold, which is equivalent to a 74-percent share.

The other vehicle segment—passenger cars—comprised the remaining 25 percent with the sale of 18,084 units.In terms of brands, Japanese brands still dominated the Philippines automotive market to date.Toyota Motor Philippines Corp. is still at the top spot, with a wide market lead of 44.59 percent.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

It is followed by Mitsubishi Motors Philippines Corp. with 18.87 percent, Ford Motor Company Philippines Inc. with 7.12 percent, Nissan Philippines Inc. with 7.05 percent and Suzuki Philippines Inc. with 3.85 percent.

EDITORS' PICK

Similar news
News Archive
  • Ncuti Gatwa
    Ncuti Gatwa
    EMILY PRESCOTT: WHO am I again? Rwandan-Scottish Dr Who ...
    16 Dec 2023
    20
  • Junior Pope
    Junior Pope
    JUST-IN: Actor 'Junior Pope' Is Alive, Says AGN President Rollas
    10 Apr 2024
    3
  • Marsh family
    Marsh family
    Family goes viral with lockdown Les Mis adaptation
    31 Mar 2020
    4
  • Sophie Jones
    Sophie Jones
    Sophie Jones: Footballer banned for racial abuse quits the sport
    21 Mar 2019
    5
  • Ellie Soutter
    Ellie Soutter
    Ellie Soutter's mother tells of harrowing moment she learned her daughter was dead
    10 Oct 2019
    2