Vehicle sales rev up by 8.5 percent in November

December 23, 2024 | 12:00am

MANILA, Philippines — Vehicle sales in the Philippines accelerated by 8.5 percent in November compared to the same month last year, driven by strong demand for passenger cars and commercial vehicles.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed their combined sales reached 40,898 units in November, higher than the 37,683 units sold in the same month last year.

November’s vehicle sales also increased by 2.2 percent from the previous month’s 40,003 units.

Passenger cars sold in November went up by 2.8 percent to 9,836 units from 9,569 units in the same month in 2023.

Commercial vehicle sales also climbed by 10.5 percent to 31,062 units in November from 28,114 units in the same period a year ago.

From January to November, CAMPI and TMA’s sales picked up by 8.8 percent to 425,208 units from 390,654 units in the same period last year.

Of the total vehicle sales, commercial vehicles accounted for a 73.98-percent share and posted an 8.1-percent increase in sales, to 314,563 units in the January to November period from 290,989 units in the same period in 2023.

Passenger cars had a 26.02-percent share with 110,645 units sold from January to November, up by 11 percent from the 99,665 units in the same period last year.

Toyota Motor Philippines Corp. remained the market leader in the 11-month period with a 46.51 percent share.

This was followed by Mitsubishi Motors Philippines Corp. in second place with a 19.14 percent share and Ford Motor Co. Philippines Inc. in the third spot with a 6.06 percent share.

Ranking fourth was Nissan Philippines Inc. with 5.77 percent, followed by Suzuki Philippines Inc. with 4.35 percent.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said in an email that the latest growth in Philippine vehicle sales, which is faster than the gross domestic product growth, is seen as a good signal and could be attributed to the country’s favorable demographics and improved economic fundamentals with the Philippines being one of the fastest growing economies in Southeast Asia or Asia.