CAMPI, TMA enjoy 13%-growth in Q1 2024

The Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) and the Truck Manufacturers Association (TMA) ended the initial quarter of 2024 with an almost 13-percent sales increase when compared to the same timeline the previous year.

The two groups shared through their joint report that they sold 109,606 units from January-March of the year— growing by 12.7-percent versus the 97,284 vehicles delivered during same timeline in 2023.

In March alone, CAMPI and TMA rolled out 37,474 vehicles. The aforementioned figure reflected a 1.6-percent slowdown from last February’s 38,072 units sold but is higher by the same percentage in comparison to the 36,880 examples sold for the same month the previous year.

Spearheading the first-quarter retail performance is the commercial vehicle segment with 81,395 units sold (74.26-percent), which showed a 12.2-percent rise from the 72,531 vehicles handed over to customers for the first quarter of 2023.

On the other hand, passenger car sales rolled out 28,211 units to clients during the first three months of 2024 — a 14-percent jump from the 24,753 vehicles sold in the same period the previous year.

CAMPI President Rommel Gutierrez said that the first quarter sales performance is due to the sustained demand for new vehicles, supported by overall supply improvement. “Our Q1 performance keeps us on track to achieve our 2024 target,” he added.

CAMPI is eyeing to sell 468,300 units by yearend.

Toyota Motor Philippines had the biggest share of the market with 49,667 units sold (45.31-percent market share), followed by Mitsubishi Motors Philippines Corporation with 20,867 examples sold to customers (19.04-percent share).

Nissan Philippines Incorporated grabbed 7.22 percent of the market by selling 7,909 vehicles and is neck-and-neck with Ford Group Philippines with a 7,531-unit output (6.87 percent share).

Suzuki Philippines rounded up the top five manufacturers in the country for the first quarter of 2024 with 4,395 units handed over to buyers. (4.01-percent share).

Photos from Ruben Manahan IV

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