Automotive is tracking full recovery in 2023 October sales up 18.6%
November 1, 2023
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) posted YoY growth of 18.6%, selling 38,128 units in October 2023 from 32,146 units in October 2022.
CAMPI president Rommel Gutierrez said vehicle sales were sustained by aggressive marketing activities and supply improvement across all brands. “Consumer appetite is high and sales are driven by continued pent-up demand, which is also supported by easier access to credit”, Gutierrez said.
Passenger car sales registered month-on-month growth of 5.5% with 10,087 units while commercial vehicle sales slightly declined by 3.5% at 28,041 units. However, total vehicle sales for YTD October 2023 is 25.9% higher at 352,971 units compared to 280,300 units during the same period in 2022.
The industry is on track to full recovery to pre-pandemic levels. Gutierrez said “we already achieved 83% of our 2023 forecast in October; with sustained demand, we are confident that we can achieve 423,000 units sales by year-end.”
Toyota Motor Philippines Corporation continues to dominate the automotive market with 46% share, followed by Mitsubishi Motors Philippines Corporation with 18.5%, Ford Motor Company Philippines, Inc. with 7.4%, Nissan Philippines, Inc. with 6.3%, and Suzuki Philippines, Inc. with 4.3%.
