Industry auto sales increased by 10.3% year-on-year in August 2024
September 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 August 2024 with an annual vehicle sales of 304,765 units, a 10.3% increase from 276,215 units during the same period in 2023.
“This impressive growth is a testament to the confidence and support of our consumers,” CAMPI President Rommel Gutierrez said. In addition, he said “This year, the Philippine market experienced a diverse array of product offerings, addressing various consumer needs, thanks to numerous new model releases from both established and emerging industry players. Additionally, there is growth in the sales of electric and hybrid vehicles effectively supported by government incentives aimed at promoting environmentally friendly transportation”.
Last August, the industry sold 39,155 units, a 0.4% decrease from July. Commercial vehicles (CVs) still drive the industry performance year-to-date at 224,438 units accounting for 74% of total sales. Meanwhile, passenger cars registered sales of 80,327 units equivalent to 26% share of total sales.
Toyota Motor Philippines Corporation remains the dominant market player with 46.15% share, followed by Mitsubishi Motors Philippines Corporation with 19.2%, Ford Group Philippines at 6.22%, Nissan Philippines, Inc. with 5.99%, and Suzuki Philippines, Inc. with 4.33% share.
