Motor vehicle sales grew 14.8 percent in the first four months this year with most categories posting increases, boosted by stable automotive financing, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed.

Official data showed total industry sales of 146,920 units, a 14.8 percent rise from 127,927 units sold during the same period in 2023. 

Except for light-duty trucks and heavy-duty trucks, other vehicle categories posted significant improvement in sales. 

In the past four months, passenger car sales reached 38,280 units or 26.05 percent higher than the 32,070 units sold in the same period last year. The passenger car segment also accounted for 26.05 percent of total sales for the period.

Meanwhile, the commercial vehicle segment sold a total of 108,667 units or 13.4 percent higher than the 95,857 units sold in the period last year to account for 73.96 percent of total sales. 

Among the categories, the light commercial vehicle category, which are mostly sports utility vehicles, posted the highest number with 79,863 units or 9.2 percent higher than the 73,102 units sold in the same period last year. 

For the Asian utility vehicle category, the report showed sales surged to 32 percent for total sales of 25,489 units from 19,309 units. 

However, sales of light-duty trucks and buses dropped by 4.7 percent to 1,866 units from 1,959 units sold in the same period last year. Also, sales of heavy-duty trucks declined by a steep 28.9 percent to 218 units from 306 units in the same period last year. 

CAMPI President Rommel Gutierrez attributed the steady increases in vehicle sales to “positive consumer” and “stability in automotive finance”. 

“On the demand side, positive consumer and business confidence plus stability in automotive finance boosted sales,” said Gutierrez.  

Toyota Motor Philippines Corporation remained the market leader with 46 percent share, followed by Mitsubishi Motors Philippines Corporation with 18.94 percent, Ford Group Philippines at 6.59 percent, Nissan Philippines, Inc. with 6.38 percent, and Suzuki Philippines, Inc. with 4.16 percent share.

In addition, CAMPI expects higher electric vehicle (EV) sales ratio to overall vehicle sales in the country with the inclusion of hybrid EVs in the zero-tariff privilege in the importation of EVs under Executive Order No. 12. In 2023, EVs accounted for only 2.5 percent of total.