Record auto sales for 2023

A record total of 429,807 new vehicles were sold last year as announced in a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association (TMA).

This is 21.9% growth in total sales and well above the revised 2023 sales forecast of 423,000 units announced by CAMPI in August 2023. 

Passenger cars accounted for 24% of total sales at 109,264 units while Commercial vehicles accounted for 76% of total sales at 320,543 units. Light commercial vehicles mainly pickup and sports utility vehicles, accounted for 79% of CV sales at 248,148 units. CAMPI attributes this impressive performance to sustained consumer demand, easier access to credit, and improved supply conditions across all brands. 

End-of year deals pushed sales in December at 39,153 units, which is 5.1% higher compared to the same period last year. 

“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions and the electrification trend are expected to contribute to record-breaking sales this year,” Gutierrez said.