PH vehicle sales breach 2023 target

Sales of local vehicle assemblers in 2023 reached 429,807 units last year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said on Wednesday.

This surpassed the target sales of 423,000 units for 2023, according to the CAMPI and TMA’s joint report.

CAMPI and TMA also reported that their vehicle sales grew 21.9 percent in 2023, from 352,596 units sold in 2022.

“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions and the electrification trend are expected to contribute to record-breaking sales this year,” CAMPI president Rommel Gutierrez said.

Both passenger car and commercial vehicle segments rose by more than 20 percent for the full year of 2023 compared to the 2022 level.

The full-year sales of passenger cars increased to 109,264 units in 2023, 27.2 percent higher than the 85,897 units sold in 2022.

Commercial vehicle sales grew 20.2 percent to 320,543 units last year from 266,699 vehicles in 2022.

For December 2023 alone, local vehicle sales increased by 5.1 percent to 39,153 units from 37,259 units in the past 12 months.

Market leaders in the Philippine automotive vehicle industry for 2023 were Toyota, with 46.5 percent market share; followed by Mitsubishi, with 18.2 percent; Ford, with 7.3 percent; Nissan, with 6.3 percent; and Suzuki, with 4.3 percent. (PNA)