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Manila Bulletin devider Business devider Trade & Industry devider Vehicle sales up 19.4% in February

Vehicle sales up 19.4% in February

Published Mar 27, 2024 09:09 am

At A Glance

  • The CAMPI and TMA report showed growth in passenger car sales at 34.1 percent to 9,638 units in February, overtaking the commercial vehicle sales growth of 19.9 percent although this segment registered higher volume of 28,434 units from 23,716 units in the same month last year. 

Domestic motor vehicles sales in February this year went up 23.2 percent to 38,072 units, bringing year-to-date sales to 72,132 units or 19.4 percent higher compared to the first two months of 2023, industry data showed. 

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed February’s sales sustaining the January sales, boosting hopes for a very strong 2024 finish.

All vehicle segments and categories posted significant increases, except for medium-duty trucks and buses (Category 4). 

The CAMPI and TMA report showed growth in passenger car sales at 34.1 percent to 9,638 units in February, overtaking the commercial vehicle sales growth of 19.9 percent although this segment registered higher volume of 28,434 units from 23,716 units in the same month last year. 

The Asian Utility Vehicle category posted a 29.9 percent increase with sales hitting 6,360 units as against 4.896 units in February last year. 

Sales of light commercial vehicles, mostly sports utility vehicles under Category 2, accounted for the bulk with 21,236 units or 17.7 percent higher than January 2023 and 12 percent higher than January 2024 sales of 18,965 units. 

Notably, the light commercial vehicle segment already accounted for 74.69 percent market share in February alone. 

The medium-duty trucks and buses (Category IV) sold a total of 261 units or 10.3 percent lower than February sales 2023 sales and 7.4 percent down from January 2024. 

The heavy-duty trucks and buses (Category V) sold 61 units for the month or 3.2 percent down versus January 2024, but 8.9 percent higher than January 2023. 

“We hope to keep this momentum and achieve a strong first quarter finish, which will set the outlook for 2024,” said CAMPI President Rommel Gutierrez. 

He said that CAMPI is looking at a very strong performance in 2024, especially with the staging of the 9th Philippine International Motor Show this year. 

Among the players, Toyota Motor Philippines Corporation continued to lead automotive sales with 45.9 percent market share for the January-February period, followed by Mitsubishi Motors Philippines Corporation with 18.4 percent; Ford Group Philippines with 7.2 percent; Nissan Philippines Inc. with 7.1 percent; and Suzuki Philippines Inc. with 4.1 percent. 

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