The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) expects the local automotive industry to sell 500,000 vehicles this year.
The figure is higher than its initial target of 468,000 by end-2024.
CAMPI president Rommel Gutierrez said the industry’s robust performance and a series of new product launches in the fourth quarter boosted expectations.
“Auto sales typically increase during the holidays. The target of 500,000 units is ambitious. If we don’t reach that goal this year, we will likely next year, as we are close and have many product launches planned by our members,” Gutierrez said during the 9th Philippine International Motor Show (PIMS) at the World Trade Center in Manila.
He said while imported vehicles continued to dominate total sales, local assembly still accounted for 30 percent of total sales, led by Toyota’s Vios and Innova models.
As the automotive industry shifts towards electric vehicles (EVs), CAMPI emphasizes the need for robust charging infrastructure, particularly in remote areas.
CAMPI said while some EV models like Lexus offer home charging solutions, public charging stations are crucial for widespread EV adoption.
The Philippines recorded about 10,000 sales of pure electric and hybrid vehicles in 2023. This year, the industry anticipates surpassing this figure, with a projected 10-percent increase.
CAMPI acknowledges the potential for more battery-electric vehicles (BEVs) in the Philippine market, but emphasizes the importance of a gradual transition.
It said to further accelerate the adoption of EVs and boost the overall automotive industry, it advocates for the extension of zero tariffs on completely built-up (CBU) EV models and components beyond 2028.
The group said it also supports the implementation of tax incentives for hybrid vehicles, as stated in existing legislation.
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