CAMPI, TMA: Philippine vehicle sales up 6.8% in Q1, commercial vehicle sales lead growth

The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported a 6.8% increase in vehicle sales to 117,074 units from January to March compared to the same period last year.

Commercial vehicles made up the majority of sales with 92,742 units, marking a 13.9% growth from the previous year, while passenger car sales declined by 13.7% to 24,332 units.

Electric vehicle (EV) sales represented 5% of total March sales, with hybrid EVs comprising the majority at 86% of the EV segment.

Toyota Motor Philippines Corp. maintained its position as the market leader with a 47.40% share, followed by Mitsubishi Motors Philippines Corp., Nissan Philippines Inc., Suzuki Philippines Inc., and Ford Motor Company Philippines Inc.

RCBC economist Mr. Ricafort noted growing demand for electrified vehicles despite the Philippines lagging behind other countries in EV adoption due to increased competition from lower-priced options from China and Vietnam.