Philippines: Vehicle sales exceed industry target in 2022

MANILA, Philippines — Vehicle sales surpassed the industry’s target for 2022, selling a total of 352,596 units or an increase of 31 percent from the previous year.

For December alone, vehicle sales increased by 33.8 percent to 37,259 units based on latest data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

“The new motor vehicle sales of 37,259 units in December was the highest monthly performance recorded, which contributed in achieving its full year sales of 352,596 units,”CAMPI president Rommel Gutierrez said.

“With this, CAMPI-TMA sales alone exceeded the total industry forecast of 336,000 units – strong evidence that the industry has recovered from the impact of the pandemic and other external challenges,” he said.

Gutierrez said achieving the 37,000-level monthly sales, which were previously recorded in 2017, brings “renewed optimism for a better year ahead for the auto industry,” Gutierrez said.

“The continued expansion of the economy, creation of new jobs and opportunities is just as important as ensuring that no pandemic disruption occurs anew this year. Nonetheless, the industry will continue to capitalize on the growing market demand for new motor vehicles,” he said.

Commercial vehicle sales led the increase in December, posting a 47.7 percent jump to 28,645 units.

Similarly, passenger vehicle sales rose by two percent to 8,614 units.

From January to December, CAMPI-TMA’s commercial car sales jumped by 45.6 percent to 266,699 units.

Passenger vehicle sales inched up 0.7 percent to 85,897 units.

Toyota Motor Philippines Corp. remained the market leader in 2022 with a 49.38 percent share.

Mitsubishi Motors Philippines Corp. ranked second with a 15.09 percent share, while Ford Motor Co. Phils. inc. had a 7.01 percent share.