PH automotive manufacturers say unit sales could hit 500K in 2024

The Philippine automotive industry is looking to sell up to 500,000 vehicle units in 2024 given the international motor show scheduled in the second half of the year, local manufacturers reported Wednesday.

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said it expects sales to grow by 9% to 468,300 units this year from the 429,807 units sold in 2023.

And it might increase to 500,000 units as CAMPI hosts the Philippine International Motor Show (PIMS) scheduled later this year.

“We are starting off 2024 with positive business and consumer confidence outlook,” CAMPI president Atty. Rommel Gutierrez said in an emailed statement.

“We see new model introductions and the expansion of electrified vehicle line-up, especially in the hybrid electric vehicle segment, and more brands coming into the market,” he added.

Under Executive Order 12 issued by President Ferdinand “Bongbong” Marcos Jr. last year, import duties for electric vehicles were aligned with those imposed on Most Favored Nations (MFN) at 0%, down from 5% to 30% previously.

The EO is now under review, with the National Economic and Development Authority (NEDA) pushing to include electric motorcycles in the tariff exemption to “help Filipinos choose sustainable means of transportation.”

A joint report by the CAMPI and the Truck Manufacturers Association (TMA) shows that total new motor vehicle sales hit 34,060 units in January.

This is 15.5% higher than the 29,499 units sold in the same month last year, but 13.0% lower than the 39,153 units sold in December 2023.

Monthly declines were recorded in the unit sales of passenger cars at 8,446; commercial vehicles at 25,614; Asian utility vehicles at 5,892; light commercial vehicles at 18,965; light-duty trucks and buses at 412; and medium-duty trucks and buses at 282.

Sales of heavy-duty trucks and buses, however, posted a 16.7% increase to 63 from 54 units sold in December 2023, and 43.2% higher than the 44 units sold last January.

In terms of brands, Toyota Motor Philippines Corp. continued to have the biggest market share with 47.2%, followed by Mitsubishi Motors Philippines Corp. with 17.9%, Ford Motor Company Philippines Inc. and Nissan Philippines Inc. nearly tied with 7.2%, and Suzuki Philippines Inc. with 4.4%. — VBL, GMA Integrated News