PH auto sales up 18.6% in October

The Philippine auto industry saw an 18.6 percent increase in overall sales of passenger and commercial vehicles for October this year, bringing total sales year-to-date to 352,971 units, on track with the projected full recovery to pre-pandemic levels this year.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) revealed total new motor vehicle sales for October 2023 reached 38,128 units, an increase of 18.6 percent from 32,146 units reported in the same month last year.

Based on CAMPI-TMA’s report, total vehicle sales from January to October 2023 went up by 25.9 percent at 352,971 units, higher compared to 280,300 units during the same period last year.

On a monthly basis, passenger car sales in October reached 10,087 units, or 5.53 percent higher than the 9,558 units sold in the previous month of September. 

However, commercial vehicle sales in October went down by 3.5 percent to 28,041 units from 29,070 units in September but it was 17.6 percent higher than the 23,852 units sold in October 2022.

Toyota Motor Philippines Corporation continues to dominate the automotive market with 46 percent share, followed by: Mitsubishi Motors Philippines Corporation with 18.5 percent; Ford Motor Company Philippines Inc. with 7.4 percent; Nissan Philippines Inc. with 6.3 percent; and Suzuki Philippines Inc. with 4.3 percent.

CAMPI President Rommel Gutierrez said that vehicle sales were sustained by aggressive marketing activities and supply improvement across all brands.

“Consumer appetite is high and sales are driven by continued pent-up demand, which is also supported by easier access to credit,” he said.

“We already achieved 83 percent of our 2023 forecast in October,” Gutierrez said, emphasizing that the industry is on track to full recovery to pre-pandemic levels.

“With sustained demand, we are confident that we can achieve 423,000 units sales by year-end,” he added.

During the onset of the pandemic in 2020, the Philippines car sales declined by 40 percent from 410,000 units in the previous year to 245,000 units.