PH auto industry sets conservative 468K-unit sales target in 2024

By Kris Crismundo

February 21, 2024, 7:54 pm

MANILA – The local automotive industry has set a conservative target for 2024 but remained hopeful to hit the 500,000 mark this year.

Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) president Rommel Gutierrez said in a statement Wednesday that the industry targets sales of 468,300 units this year, 9 percent higher than last year’s sales of 429,807 units.

CAMPI and the Truck Manufacturers Association (TMA) reported that vehicle sales continued the double-digit growth in 2024 after selling a total volume of 34,060 units in January, higher by 15.5 percent from 29,499 units in January 2023.

All segments registered a double-digit increase in sales last month led by a 16.5-percent increment in sales of commercial vehicles to 25,614 units from 21,993 units in January last year.

Commercial vehicles’ sub-segments were also up by double-digit growth.

The sales of passenger cars also improved by 12.5 percent to 8,446 units in January from 7,506 units in the same month last year.

“We are starting off 2024 with positive business and consumer confidence outlook. 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. These are all indicators of a strong and vibrant auto market,” Gutierrez said.

He added that the industry has remained optimistic this year despite the inflation risk and the taxation of double-cab pickups.

“CAMPI is slated to hold the Philippine International Motor Show in the second half of 2024. This means 2024 performance could well exceed CAMPI’s initial forecast and reach 500,000 units as the motor show generally boosts sales,” Gutierrez said. (PNA)