2023 is shaping up to be a great year for the Philippine automotive industry. Car sales have continued to pick this year, and the industry has shown impressive year-on-year growth so far.
According to the latest report from the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA), there were 30,643 units sold in April 2023. While it showed a 16.9% month-on-month drop, the total was still good for a 21.8% increase from the same period last year.
April’s numbers bring the 2023 Philippine car sales tally for 2023 up to 127,927. That’s equivalent to a 28.1% YOY jump.
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Unsurprisingly still in the lead is Toyota Motor Philippines (TMP) with 59,328 vehicles sold so far, good for a 46.38% market share. Following in far second is Mitsubishi Motors Philippines (MMPC) with 23,378 and at third is Nissan Philippines (NPI) with 8,510. In close fourth is Ford Philippines with 8,069, and rounding up the top five is Honda Cars Philippines (HCPI) with 5,901.
“As the economic outlook remains favorable, the auto industry is optimistic to attain full recovery from the pandemic-induced challenges—well-positioned to grow to significant levels, even higher than the pre-pandemic figures,” said CAMPI president Atty. Rommel Gutierrez. “It is worth noting that the industry has already recorded this growth trajectory in the past four months compared with the 2019 levels.”
