The Market Monitor Minding the Nation's Business
Chery Auto Philippines (CAP) concluded 2023 with a remarkable growth of 64% as it recorded total sales of 3,600 and cornering 1.2% share of the passenger vehicle segment.
The Tiggo 5 was the sales driver last year with 1,851 units sold which significantly increased by 169% compared to 2022, maintaining its No. 4 ranking in the subcompact SUV segment with 11% market share.
“This previous year was a challenge for the automotive industry as the competition becomes tougher with more and more players especially China brands coming in. We attribute our success last year to the attractive sales and marketing promotions, flexible financing offers extended by our bank partners and the increasing confidence of the market towards our vehicles and aftersales support,” Chery Auto Philippines managing director Froilan Dytianquin said.
On the other hand, the Chery Tiggo 7 posted 31% sales growth by selling a total of 910 units in 2023 while the midsize SUV Tiggo 8 registered a 6% sales growth with a total of 473 units sold last year.
“As we welcome the New Year, Chery Auto Philippines remains confident as it aims to double its sales for this year. This will be triggered by the refreshed and new additions to our vehicle model lineup as well as the new Chery dealerships to rise this year,” Dytianquin added.