Vehicle sales up by 19.4% in February 2024
March 1, 2024
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc.
(CAMPI) and the Truck Manufacturers Association (TMA) recorded total vehicle sales
of 72,132 units in February 2024, up by 19.4% from 60,404 units during the same
period in 2023.
Commercial Vehicles (CV) accounted for 75% of total vehicle sales at 54,048 units.
YoY growth was observed across all CV sub-segments, but Light Commercial
Vehicles continue to be the main driver with 40,201 units sold, equivalent to 74% share
of total CV sales. Meanwhile, Passenger Car sales reached 18,084 units or 25% of
total vehicle sales.
CAMPI President Rommel Gutierrez said early marketing campaigns and improved
inventories supported by stable interest rates continue to boost customer confidence.
“We hope to keep this momentum and achieve a strong first quarter finish, which will
set the outlook for 2024”, Gutierrez said. CAMPI is looking at a very strong
performance in 2024, especially with the staging of the 9th Philippine International
Motor Show this year.
Toyota Motor Philippines Corporation continues to lead automotive sales with 45.9%
market share, followed by Mitsubishi Motors Philippines Corporation with 18.4%, Ford
Group Philippines with 7.2%, Nissan Philippines, Inc. with 7.1%, and Suzuki
Philippines, Inc. with 4.1%.
