Over 420,000 vehicles were added to the country’s roads by the end of November, even as sales growth continued to lag, casting doubt on the industry’s prospects of hitting its target for the year.

Based on a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), the automotive industry sold 420,776 units from January to November, slightly down from 425,208 units in the same period last year.

A bulk, or 79.82 percent, of sales came from commercial vehicles (CVs), which sold 335,859 units during the period.

Within the commercial segment, light commercial vehicles (LCVs) accounted for the lion’s share, with 264,959 units sold, or 73.53 percent of the total.

Asian utility vehicles (AUVs) booked a 3.9-percent jump to 78,465 units in the 11-month period, compared with 75,549 units sold last year.

Heavy-duty trucks and buses registered a 41.2-percent increase to 867 units, while the light-duty category also rose by 6.9 percent to 6,257 units. The medium-duty segment, on the other hand, fell 12.5 percent to 3,311 units from 3,782 units last year.

CAMPI, the country’s leading automotive group, said the industry remains on a solid footing this year, largely due to robust demand for CVs.

This contrasts with passenger vehicles, which continue to lose favor among consumers, posting a 23.3-percent plunge in the first 11 months.

CAMPI-TMA data showed that the segment sold 84,917 units during the period, sharply lower than the 110,645 units recorded last year.

As such, CAMPI identified electric vehicles (EVs) as a key growth driver this year, with 28,102 units sold, accounting for a market share of 6.68 percent.

Hybrid EVs remained the most popular variant, with 22,027 units sold, followed by battery EVs with 4,261 units, and plug-in hybrid EVs with 1,814 units.

“[This is] a clear sign of rising consumer interest in cleaner and more efficient mobility options,” CAMPI said.

In November alone, vehicle sales stood at 37,352 units, down 8.7 percent from 40,898 units in the same month last year.

Month-on-month, this marked a 6.7-percent decline from the 40,014 units logged in October.

Despite the slowdown, CAMPI said it’s still optimistic about reaching this year’s target of selling 500,000 units, banking on the typical surge in consumer activity in December.

“CAMPI remains confident in the industry’s upward trajectory as manufacturers continue to expand their product offerings, enhance supply availability, and support the country’s transition toward sustainable mobility,” the industry group said.

To reach the target, the final month of the year would need to see nearly 80,000 units sold.

Even if December posts above-average sales, Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said hitting the target would be a “long shot.”

“Based on the monthly average so far this year, there is a risk of missing the said target,” he said in a Viber message.

CAMPI President Rommel Gutierrez earlier said the industry group remains confident about reaching the 500,000-unit goal.

If realized, this year would mark an all-time high for the local industry, surpassing last year’s record of 467,252 units sold.

For the coming year, Gutierrez said vehicle sales could grow by as much as five percent, or around 525,000 units.

During the 11-month period, Toyota Motor Philippines Corp. was the industry’s top seller, with 295,552 units sold, accounting for 48.85 percent of the total.

Mitsubishi Motors Philippines Corp. ranked second with a market share of 18.83 percent, followed by Ford Group Philippines and Suzuki Philippines Inc., both at 4.75 percent.

Nissan Philippines Inc. rounded out the top five with a 4.57-percent market share, selling a total of 19,225 units.