Vehicle sales accelerated by more than a fifth in February from a year ago, supported by automotive firms' marketing efforts as well as stable interest rates.

A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed vehicle sales reached 38,072 units in February, 23 percent higher than the 30,905 units sold in the same month last year.

Commercial vehicles accounted for the bulk of the total sales, with 28,434 units sold in February, up 19.9 percent from 23,716 units in the same month in 2023.

Passenger car sales grew by 34.1 percent to 9,638 units in February from 7,189 units in the same month a year ago.

From January to February, vehicle sales rose by 19.4 percent to 72,132 units from 60,404 units a year ago.

Commercial vehicles sold from January to February climbed by 18.2 percent to 54,048 units from 45,709 units in the same period in 2023.

Passenger cars sold from January to February increased by 23 percent to 18,084 units from 14,695 units in the same period a year ago.

Toyota Motor Philippines Corp. continued to have the biggest share in vehicle sales, accounting for 45.9 percent as of end-February.

Mitsubishi Motors Philippines Corp. placed second, accounting for 18.4 percent of total vehicle sales, while Ford Motor Co. Philippines Inc. placed third with a 7.2-percent share.

Nissan Philippines Inc. got the fourth spot with 7.1 percent, followed by Suzuki Philippines Inc. with 4.1 percent.

CAMPI president Rommel Gutierrez attributed the latest vehicle sales performance to early marketing campaigns and improved inventories.

He said stable interest rates also continue to boost customer confidence.

'We hope to keep this momentum and achieve a strong first quarter finish, which will set the outlook for 2024,' Gutierrez said.

With CAMPI set to hold the 9th Philippine International Motor Show later this year, the group expects to post a strong 2024 sales performance.

Last year, CAMPI and TMA's vehicle sales reached 429,807 units, 21.9 percent higher than the 352,596 units sold in 2023.

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