Auto sales up by 14.8% in April 2024
May 1, 2024
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc.
(CAMPI) and the Truck Manufacturers Association (TMA) showed the industry ending
April 2024 with vehicle sales of 146,920 units, a 14.8% increase from 127,927 units
during the same period in 2023.
New Vehicle Sales
The auto industry displayed strong YTD performance despite a slight MOM decline at
0.4%. “On the demand side, positive consumer and business confidence plus stability
in automotive finance boosted sales,” CAMPI president Rommel Gutierrez said.
Commercial vehicles continue to drive industry performance at 108,667 units
accounting for 74% of total sales. Meanwhile, passenger cars registered sales of
38,280 units equivalent to 26% share of total sales.
Toyota Motor Philippines Corporation remains the market leader with 46% share,
followed by Mitsubishi Motors Philippines Corporation with 18.94%, Ford Group
Philippines at 6.59%, Nissan Philippines, Inc. with 6.38%, and Suzuki Philippines, Inc.
with 4.16% share.
Electric Vehicles
In recent industry developments, the National Economic Development Authority
(NEDA) announced the expansion of Executive Order No. 12 (0% MFN tariff) coverage
to include Hybrid Electric Vehicles (HEV) and Plug-in HEV.
Gutierrez said that “CAMPI is expecting improvement in EV sales ratio this year
considering EO12 support. In 2023, the combined EV sales was only 2.5% of total
sales.”
Higher Biofuels Blend
Meanwhile, the Department of Energy announced the implementation of higher biofuel
blends beginning October 2024.
CAMPI says new vehicles are already compatible with B3 biodiesel. Further, CAMPI
notes that E20 is voluntary. “It is part of the global strategy of OEMs, and along with
other carbon neutrality and electrified options, it will eventually come to the
Philippines”, Gutierrez said.
