Vehicle sales rose 27 percent in the first three quarters of 2023 to 314,843 units from 248,154 units in the same period in 2022, following a record performance in September.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed September sales jumped 9.5 percent to 38,628 units from 35,282 units in 2022.
Last month, CAMPI revised its 2023 sales forecast to 423,000 units, projecting 20 percent growth from its 2022 actual sales performance.
“The automotive market remained resilient since 2021 and current trend indicates that we will breach the highest pre-pandemic sales performance and achieve full industry recovery in 2023,” said Rommel Gutierrez, CAMPI president.
In 2019, CAMPI and TMA sold 369,941 units.
Gutierrez said vehicle sales were sustained by promotional campaigns and new model launches in August.
“We recorded the highest monthly sales performance in September and we hope that positive consumer outlook will be sustained in Q4,” Gutierrez said.
Commercial vehicle sales registered month-on-month growth of 9.2 percent at 29,070 units, pushed mainly by light commercial vehicles which sold 23,098 units, while passenger car sales slightly declined by 5.31 percent at 9,558 units.
However, total vehicle sales year-to-date is 26.9 percent higher at 314,843 units compared to 248,154 units sold during the same period in 2022.
Toyota Motor Philippines Corp. continues to dominate the automotive market with 45.8 percent share, followed by Mitsubishi Motors Philippines Corp. with 18.4 percent; Ford Motor Company Philippines Inc., 7.3 percent; Nissan Philippines Inc., 6.4 percent; and Suzuki Philippines Inc., 4.3 percent.
