Car sales hit new record high

AUTOMOTIVE sales hit a new high last year as demand remained strong during the holiday season, but were not enough for the industry to achieve its 2024 target.

A total of 467,252 units left showrooms, up by 8.7 percent from the previous peak of 429,807 in 2023, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association reported on Tuesday.

The result, however, was below Campi’s initial target of 468,300 and its hopes of hitting 500,000 by the end of 2024.

Campi President Rommel Gutierrez attributed the growth in vehicle sales to the continued strength of the industry, noting that both passenger cars and commercial vehicle segments contributed to higher sales.

The industry, he added, remained “on track to sustain growth into 2025.”

December sales totaling 42,044 units capped the year, 2.8 percent more compared to the previous month and up 7.4 percent from a year earlier.

Commercial vehicles continued to dominate with 31,919 units sold, followed by passenger cars at 10,125 and up 2.8 percent and 2.94 percent, respectively, month on month and 8.0 percent and 5.5 percent on an annual basis.

Full-year commercial vehicle sales hit 346,482 units, an 8.1-percent increase from 2023’s 320,543 units and accounting for nearly 75 percent of the overall total.

Passenger cars, meanwhile, saw sales of 120,770 units, a 10.5-percent increase from 109,264 a year earlier.

Toyota Motor Philippines Corp. was again the industry leader, having sold 218,019 units or 46.66 percent of total sales for 2024. The sales result was also 9.10 percent up from the 2023’s 200,031.

Mitsubishi Motors Philippines Corp. remained second with sales of 89,124 units — a 13.7-percent increase from the previous year and enough for 19.07 percent of the market.

Ford Motor Co. Philippines Inc. ranked third with 27,997 units sold during the year, down 10.6 percent compared to 31,320 units sold in 2023 for a 5.99-percent market share.

Rounding out the top five were Nissan Philippines Inc. (26,774 units, down 1.3 percent and 5.73 percent of the market) and Suzuki Philippines Inc. (20,371 units, up 10.4 percent, 4.36-percent market share).