Philippine new vehicle sales continued to grow strongly in June 2023, by 27% to 36,311 units from 28,601 a year earlier, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The market has shown no sign of slowing in 2023 despite the country’s central bank hiking its benchmark interest rate from 2% to 6.25% in just over a year. The economy expanded by a better than expected 6.4% in the first quarter of 2023, driven mainly by strong consumer spending and fixed investment growth.
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In the first half of the year, vehicle sales increased 31% to 202,415 units from 154,874 units in the same period in 2022, with passenger vehicle sales rising by 30% to 50,848 units while commercial vehicle sales increased by 31% to 151,567 units, driven mainly by strong demand for pickup trucks.
Toyota has underperformed so far this year with sales rising 17% to 93,575 units, while Mitsubishi sales surged by 78% to 37,001 units on strong demand for its Xpander and Mirage models. Ford sales surged 54% to 13,838 units, driven by strong sales of its new Ranger pickup truck, followed by Nissan with 13,196 units (+18%) and Honda 8,668 units (+20%).
While the CAMPI data did not include sales by non-affiliated companies which rely mostly on imports, more brands have joined the group in the last year including Hyundai, Chery, Geely and Foton.
