VEHICLE sales in the first 11 months of 2024 rose 8.8 percent to 425,208 units from 390,654 in the corresponding period in 2023, driven by the commercial vehicle (CV) segment, the vehicle makers said in a joint report.
The automotive industry is less than 75,000 units away from its target of 500,000 units this year.
The joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association shows that commercial vehicles (CVs) accounted for 74 percent of total sales in January to November, equivalent to 314,563 units, up 8.1 percent from 290,989 units a year earlier.
Passenger car sales for November were slightly down by 2.07 percent from October, totaling 9,836 units, but still up 2.8 percent compared to the same month in 2023.
The report showed commercial vehicles continued their strong performance, with 31,062 units sold in November, marking a 3.7 percent month-on-month (MOM) increase and a 10.5 percent year-over-year growth.
The report said the Asian utility vehicle segment, categorized as Category I, showed impressive growth with year-to-date sales of 74,989 units, a 37.3 percent increase from 2023.
November AUV sales reached 7,890 units, a 11.3 percent MoM increase and a 40.7 percent rise compared to November 2023. Light commercial vehicles (Category II) also performed well, with YTD sales of 229,313 units, a 1.4 percent increase from the previous year, and November sales of 22,115 units, up 1.4 percent MoM and 3.2 percent YoY.
Toyota Motor Philippines remains the market leader with a 46.51 percent market share, followed by Mitsubishi Motors Philippines at 19.14 percent, Ford Group Philippines at 6.06 percent, Nissan Philippines, Inc. at 5.77 percent, and Suzuki Philippines, Inc. with 4.35 percent. — Irma Isip
