September vehicle sales up 9.5%
October 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 9.5%, selling 38,628 units in September 2023 from 35,282 units in September 2022.
CAMPI president Rommel Gutierrez said vehicle sales were sustained by promotional campaigns and new model launches in August. “We recorded the highest monthly sales performance in September and we hope that positive consumer outlook will be sustained in Q4”, Gutierrez said.
Commercial vehicle sales registered month-on-month growth of 9.2% with 29,070 units, pushed mainly by Light Commercial Vehicles, which sold 23,098 units while passenger car sales slightly declined by 5.31% at 9,558 units. However, total vehicle sales for YTD September 2023 is 26.9% higher at 314,843 units compared to 248,154 units during the same period in 2022.
Last month, CAMPI revised its 2023 sales forecast to 423,000 units, projecting 20% growth from its 2022 actual sales performance. Gutierrez said “the auto market remained resilient since 2021 and current trend indicates that we will breach the highest pre-pandemic sales performance and achieve full industry recovery in 2023.”
Toyota Motor Philippines Corporation continues to dominate the automotive market with 45.8% share, followed by Mitsubishi Motors Philippines Corporation with 18.4%, Ford Motor Company Philippines, Inc. with 7.3%, Nissan Philippines, Inc. with 6.4%, and Suzuki Philippines, Inc. with 4.3%.
