Car sales grew 10% to surpass 300,000 units in eight months

Vehicle sales grew 10.3 percent year-on-year to surpass the 300,000 mark in the first eight months of 2024, two industry groups said Tuesday.

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report their members sold 304,765 vehicles from January to August, up from 276,200 units delivered in the same period in 2023.

Both passenger cars and commercial vehicles showed a steady growth in the eight-month period.

Passenger car sales increased 14 percent to 80,327 units from last year’s 70,451, while commercial vehicle sales went up by 9.1 percent to 224,438 units from 205,764.

The two industry groups said car sales sustained their growth in August despite its billing as a ghost month on strong demand for commercial vehicles. Total sales rose 6.7 percent in August to 39,155 units from 36,699 units a year ago.

Data showed that on a monthly basis, sales slightly dipped by 0.4 percent from 39,331 units in July.

Passenger car sales went down by 5.6 percent to 9,529 units in August 2024 from 10,094 units a year earlier. It was also down 12.76 percent month-on-month from 10,923 units in July 2024.

Sales of commercial vehicle rose 11.3 percent to 29,626 units in August from 26,620 units a year ago and by 4.3 percent from July 2024’s 28,408 units.

Toyota Motor Philippines Corp. remained the dominant market player with 46.15 percent share, followed by Mitsubishi Motors Philippines Corp. with 19.20 percent, Ford Motor Company Philippines Inc. with 6.22 percent, Nissan Philippines Inc. with 5.99 percent and Suzuki Philippines Inc. with 4.33 percent.

Car companies said they remained optimistic on posting record sales by end-2024, as the Christmas season approaches.