According to foreign media reports, data released by the Philippine Automobile Manufacturers Association (CAMPI) and the Truck Manufacturers Association (TMA) show that in May 2024, the country’s new car sales continued to grow, from 38,177 in the same period last year to 40,271 vehicles, an increase of 5%.
Although the Central Bank of the Philippines has sharply raised interest rates from 2.
0% to 6.
5% over the past two years, causing consumer spending growth to slow, the auto market has continued to expand this year after recovering strongly from lows during the pandemic.
Driven mainly by a strong rebound in exports, the Philippines ‘overall GDP grew by 5.
7% year-on-year in the first quarter.
Data from CAMPI and TMA show that in the first five months of 2024, the country’s cumulative car sales increased to 187,191 units from 166,104 units in the same period last year, a year-on-year increase of 13%.
Among them, commercial vehicle sales were 137,944 units, an increase of 11% year-on-year, while passenger car sales were 49,247 units, an increase of 18% year-on-year.
“Improved supply and strong consumer demand, coupled with increased auto financing and strong sales activity, boosted auto sales in the Philippines in May,” CAMPI Chairman Rommel Gutierrez said in a statement.
Photo source: Toyota, in the first five months of this year, Toyota’s cumulative sales in the Philippines increased by 12% year-on-year to 86,256 vehicles.
ranked second is Mitsubishi, with cumulative sales of 35,145 vehicles, an increase of 16% year-on-year.
Ford (12,241 vehicles, a year-on-year increase of 10%), Nissan (11,550 vehicles, a year-on-year increase of 7%) and Suzuki (7,974 vehicles) ranked third to fifth respectively.
The Philippine government recently agreed to include hybrid electric vehicles (HEVs) in its EO12 zero-tariff plan, which currently only applies to zero-emission vehicles such as pure electric vehicles (BEVs) until 2028.
Toyota plans to start production of the new Tamaraw utility vehicle in the Philippines in the third quarter of 2024 and deliver it in the fourth quarter.
The model will be based on the new Hilux Champ entry-level pickup truck produced in Thailand.
Toyota also said it plans to launch more hybrid models locally in response to the government’s new policy.
Return to the first electric network home page>,.
