Vehicle sales in the first quarter of the year rose 12.7 percent to 109,606 units from 97,284 units in the same period in 2023, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association showed.
This is despite a 1.6-percent decline in March sales to 37,404 units from 38,072 units in February.
Year-to-date sales show a 23-percent achievement of Campi’s conservative forecast of 468,300 units in 2024.
Rommel Gutierrez, Campi president, said the automotive industry closed first quarter of 2024 with a strong performance driven by sustained demand for new vehicles, supported by overall supply improvement.
“Our first quarter performance keeps us on track to achieve our 2024 target,” Gutierrez said.
Commercial vehicles (CVs) continue to drive industry performance at 81,395 units accounting for 74 percent of total sales. Light commercial vehicles lead CV sales with 60,302 units or 74 percent share of total CV sales.
The multipurpose vehicle/Asian utility vehicle sub-segment displayed the strongest year-on-year growth of 27 percent to 18,673 units from 14,688 units a year ago.
Passenger cars registered sales of 28,211 units equivalent to 26 percent share of total sales and higher by 14 percent from 24,753 units sold in 2023.
Toyota Motor Philippines Corp. continues to lead automotive sales at 45.31 percent share with 49,667 units sold.
It was followed by Mitsubishi Motors Philippines Corp. with 19.04 percent share for sales of 20,867 units.
Nissan Philippines Inc. sold 7,909 units or a share of 7.22 percent; Ford Group Philippines 7,531 units , 6.87 percent and Suzuki Philippines, 4,395 units, 4.01 percent share.
