Business

Philippine vehicle sales up 23% in February

MAKATI CITY – Automotive vehicle sales went up by 23.2 percent in February this year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported.

The CAMPI and TMA joint report last week showed that vehicle sales rose to 38,072 units last month from 30,905 units in February last year.

Sales of passenger cars went up by 34 percent while commercial vehicle sales also grew by 19.8 percent.

For the first two months of the year, total vehicle sales reached 72,132 units, up by 19.4 percent from the 60,404 units sold in the same period in 2023.

Both passenger car and commercial vehicle segments recorded double-digit growth compared to the 2023 level.

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.

Toyota Motor Philippines Corporation continues to lead automotive sales with 45.9 percent market share, followed by Mitsubishi Motors Philippines Corporation with 18.4 percent, Ford Group Philippines with 7.2 percent, Nissan Philippines, Inc. with 7.1 percent, and Suzuki Philippines, Inc. with 4.1 percent.

Gutierrez earlier said that the industry targets sales of 468,300 units this year, 9 percent higher than last year’s sales of 429,807 units.