Automotive vehicle assemblers in the Philippines posted record-high sales of 467,252 units in 2024, increasing by 8.7 percent from 429,807 units sold in 2023, the joint report of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said Tuesday.

The passenger car segment fueled the overall vehicle sales last year, growing by 10.5 percent to 120,770 units from 109,264 units in 2023.

Sales of commercial vehicles also went up by 8.5 percent year-on-year from 320,543 units to 346,482 units.

Commercial vehicles accounted for 74 percent of the total sales, while passenger cars shared 26 percent.

However, the industry group fell short of its target of 468,300 to 500,000 unit sales for 2024.

In a statement, CAMPI president Rommel Gutierrez said the overall market remains on track to sustain growth this year.

Sales in December 2024 alone reached 42,044 units, 2.8 percent higher month-on-month and 7.4 percent higher year-on-year.

Faster sales growth was posted by commercial vehicles in December.

Top vehicle brands in the country in 2024 were Toyota with 46.7 percent market share, Mitsubishi with 19.1 percent share, Ford at 6 percent, Nissan at 5.7 percent, and Suzuki at 4.4 percent. 

PNA PHOTO