Auto sales up by 12.7% in Q1 2024
April 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 109,606
units, up by 12.7% from 97,284 units during the same period in 2023.
CAMPI President Rommel Gutierrez said the auto industry closed Q1 2024 with a strong
performance despite a slight decline on a month-on-month basis of 1.6%. “YTD sales
performance was driven by sustained demand for new vehicles, supported by overall
supply improvement. Our Q1 performance keeps us on track to achieve our 2024 target”,
Gutierrez said. YTD sales show 23% achievement of CAMPI’s conservative forecast of
468,300 units in 2024.
Commercial vehicles (CVs) continue to drive industry performance at 81,395 units
accounting for 74% of total sales. Light Commercial Vehicles still drive CV sales with 60,302
units or 74% share of total CV sales, but MPV/AUV sub-segment displayed the strongest
YoY growth of 27%. Meanwhile, passenger cars registered sales of 28,211 units equivalent
to 26% share of total sales.
Toyota Motor Philippines Corporation continues to lead automotive sales with 45.31%
share, followed by Mitsubishi Motors Philippines Corporation with 19.04%. Nissan
Philippines, Inc. with 7.22%, Ford Group Philippines with 6.87% and Suzuki Philippines,
Inc. with 4.01% share.
