2024 vehicle sales at record high despite missing target  

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Vehicle sales revved up to a record high in the country last year, driven by strong demand for passenger cars and commercial vehicles, according to a joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA).

Total sales reached 467,252 units, up 8.7 percent from 429,807 units year-on-year. 

“This reflects the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments, Rommel Gutierrez, Campi president, said in a statement.

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Bumper-to-bumper traffic is seen on EDSA in this Jan. 14, 2025 photo. Last year, 467,252 units of vehicles were sold nationwide. (Photo by RHOY COBILLA)

“The overall market remains on track to sustain growth into 2025,” he added.

The upbeat numbers, however, missed the industry target growth of 10 to 15 percent in sales for 2024 set by Campi. 

Gutierrez was quoted in August 2024 as saying vehicle sales could hit 500,000 units for the first time in 2024.

Sought for comment on the factors why industry missed its target last year, Gutierrez said the 500,000 units “was a moving target.”  

According to the joint report, commercial vehicle sales rose 8.1 percent to 346,482 units from 320,543 units year-on-year, accounting for 75 percent of total sales.

While passenger car sales grew at a faster pace of 34 percent to 120,770 units 109,264 units year-on-year, it accounted for only 25 percent of the total number of vehicles sold last year. 

Commercial vehicle sales were boosted by light commercial vehicles as buyers bought a total of 253,412 units, up 2 percent — mainly vans and pick-up trucks.

In December 2024 alone, total industry sales climbed 2.8 percent to 42,044 units from 40,898 units in November 2023. The sales last month was up 7.4 percent from a year earlier.

Toyota Motor Philippines Corp. continued to dominate the industry with a 46.66 percent market share in 2024. It sold 218,019 units last year, a 9 percent increase from 200,031 units in 2023.

Mitsubishi Motors Philippines Corp. captured the second biggest market share at 19.07 percent, with 89,124 units sold last year, up 13.7 percent from 78,371 units from a year earlier.

Third placer Ford Group Philippines sold 27,997 units, down 10.6 percent from 31,320 units in 2023. 

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