Reflecting the robust economic rebound, the automotive industry reported sales in the year to September posted a strong double-digit growth from 2022.
In a joint report on Sunday, the Chamber of Automotive Manufacturers Philippines Inc. and the Truck Manufacturers Association said industry sales in the first nine months were 314,843, which was 26. 9 percent higher than the 248,154 units sold last year.
For this year, CAMPI said it is targeting to sell 423,000 units, including imported vehicles.
“We recorded the highest monthly sales in September, and we hope that positive consumer outlook will be sustained in the fourth quarter,” according to CAMPI president Rommel Gutierrez.
On the other hand, sales of locally assembled vehicles in September 2023 posted an uptick of 9.5 percent or 38,628 units compared to 35,282 units sold in 2022.
Cars selling hot anew
The sales of passenger cars also surged to 9,558 units in September 2023, improving 19.8 percent from 7,976 units a year ago.
The industry group also stated that commercial vehicle sales went up by 6.5 percent year-on-year to 29,070 units from 27,306 units.
Moreover, sales of passenger cars managed a 33.2 percent increase to 80,009 units from 60,058 units in September 2022.
Commercial vehicle sales jumped by 24.8 percent to 234,834 units from 188,096 units last year.
“The auto market has remained resilient since 2021 and the current trend indicated that we will breach the highest pre-pandemic sales performance and achieve full industry recovery in 2023,” Gutierrez said.
The brand with the greatest number of units sold in September 2023 was Japanese brand Toyota with a 45.81 percent market share, trailed by Mitsubishi with an 18.44 percent market share, followed by American brand Ford with 7.33 percent; Japan’s Nissan, with 6.36 percent; and Suzuki, with 4.28 percent market share.