New vehicle sales jumped 23 percent in February—the fastest growth rate in seven months, according to the joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
All in all, the industry showed that vehicle sales increased to 38,072 units in February, compared to 30,905 units in the same month a year ago. This is the highest year-on-year growth in seven months, or since the 33 percent sales growth in July 2023.
This figure is also a 11.8 percent increase compared to January despite having fewer selling days.
In a statement, CAMPI said the higher sales in February was down to “early marketing campaigns and improved inventories, supported by stable interest rates.”
Toyota Motor Philippines remained the best-selling vehicle brand with 16,977 units sold or a 44.59 percent market share. They are followed by Mitsubishi in second with 7,186 units (18.87 percent), and Ford in third with 2,712 units (7.12 percent). Nissan with 2,685 (7.05 percent) and Suzuki with 1,465 (3.85 percent) complete the Top 5.
This month, two new brands—SAIC Motor and Ferrari—join CAMPI. SAIC Motor Philippines, which distributes and markets the MG brand, has managed to move 1,185 units enough for a 3.11 percent share for the month. This makes them the best-selling Chinese brand, beating Geely (419 units) and GAC Motor (245 units).
Separately, SAIC Motor clarified that the figures put out in the CAMPI report are their combined January and February figures. If broken down, their January sales is 597, while their February sales is 588.
Here’s the full February 2024 new vehicle sales breakdown:
- Toyota – 16,977 (44.59 percent)
- Mitsubishi – 7,186 (18.87 percent)
- Ford – 2,712 (7.12 percent)
- Nissan – 2,685 (7.05 percent)
- Suzuki – 1,465 (3.85 percent)
- Honda – 1,385 (3.64 percent)
- Isuzu – 1,307 (3.43 percent)
- MG – 1,185 (3.11 percent)
- Hyundai – 829 (2.18 percent)
- Geely – 419 (1.1 percent)
- Kia – 324 (0.85 percent)
- GAC Motor – 245 (0.64 percent)
- Chery – 243 (0.64 percent)
- Mazda – 223 (0.59 percent)
- Foton – 189 (0.5 percent)
- Hino – 140 (0.37 percent)
- Fuso – 121 (0.32 percent)
- Jetour – 95 (0.25 percent)
- JMC – 81 (0.21 percent)
- BMW – 72 (0.19 percent)
- Changan – 52 (0.14 percent)
- Mercedes-Benz – 39 (0.1 percent)
- Jaguar Land Rover – 30 (0.08 percent)
- Chrysler Jeep Dodge RAM – 27 (0.07 percent)
- Volkswagen – 18 (0.05 percent)
- Terrafirma Motors – 15 (0.04 percent)
- Peugeot – 8 (0.02 percent)
As of end February, Toyota has already sold 33,070 units or a 45.91 percent market share—a 16.9 percent increase compared to the first two months of 2023.
Mitsubishi came in second with 13,271 units sold or an 18.42 percent market share. Its sales rose 24.5 percent compared to 2023.
In third is Ford with 5,178 units sold or a 7.19 percent market share. This is a 24.1 percent increase versus 2023.
Thanks to a 45.6 percent boost in sales compared to the first two months of 2023, Nissan Philippines is close behind with 5,148 units sold or a 7.15 percent market share.
Suzuki rounded out the Top 5 with 2,950 units sold or a 4.1 percent market share. This figure is relatively flat (0.4 percent increase) compared to 2023, however.
Here’s how everyone stacked up:
Broken down, Passenger Car (PC) sales reached 9,638 units in February—a 34.1 percent increase from the 7,189 units a year ago. Compared to January figures, PC sales went up 14.1 percent compared to January’s 8,446 units.
Toyota is the best-selling PC brand last February with 4,649 units sold (48.24 percent), followed by Mitsubishi with 2,151 units (22.32 percent), Suzuki with 759 units (7.88 percent), Honda with 673 units (6.98 percent), and MG completing the Top 5 with 551 units (5.72 percent).
For the first two months of 2024, Toyota has managed to corner a 50.72 percent PC segment share (9,173 units). Following them in second is Mitsubishi with 21.78 percent (3,939 units), Suzuki in third with 1,584 units (8.76 percent), Honda in fourth with a 6.65 percent market share (1,203 units), and completing the Top 5 is Nissan with 822 units (4.55 percent).
Meanwhile, Commercial Vehicle (CV) sales climbed 19.9 percent to 28,434 from 23,716 in the same month a year ago. This accounted for 74.7 percent of the industry’s total sales.
Month on month, sales of commercial vehicles went up by 11 percent from 25,614 units sold in January.
Toyota leads all brands with 12,328 units sold (43.36 percent), followed by Mitsubishi with 5,035 units (17.71 percent), Ford with 2,708 units (9.52 percent), Nissan with 2,252 units (7.95 percent), and Isuzu with 1,307 units (4.6 percent).
In terms of the two-month cumulative, Toyota is leading all brands with 23,897 units sold (44.21 percent), followed by Mitsubishi with 9,332 units (17.27 percent), Ford with 5,165 units (9.56 percent), Nissan with 4,326 units (8 percent), and Isuzu with 2,472 units (4.57 percent).