Vehicle sales surpassed the industry's target last year, registering a 21.9 percent growth amid sustained consumer demand and improved supply conditions.

Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales jumped to 429,807 units last year from 352,596 units sold in 2022.

The 2023 figure is also higher than the industry's 423,000-unit sales forecast.

'CAMPI attributes this impressive performance to sustained consumer demand, easier access to credit, and improved supply conditions across all brands,' the group said in a statement yesterday.

Rommel Guiterrez, CAMPI president said, '2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions and the electrification trend are expected to contribute to record-breaking sales this year.'

Last October, CAMPI had revised upward its 2023 sales forecast to 423,000 units from the earlier projection of 395,000 unit sales.

CAMPI reported that in December alone, vehicle sales grew 5.1 percent to 39,153 from 37,259 units in the same month of the previous year.

It attributed the growth to end-of-the-year deals.

Passenger car sales drove the growth in December, posting an 11.4 percent increase in sales to 9,599 units from 8,614 units.

Commercial vehicle sales also registered a 3.2 percent growth in December, registering at 29,554 units compared to 28,645 units.

Passenger car sales also drove the growth in the full year 2023, posting a 27.2 percent increase, to 109,264 units.

Commercial vehicle sales posted a 20.2 percent growth last year to 320,543 units from 266,699 in 2022.

CAMPI said light commercial vehicles consisted mainly of pickup and sports utility vehicles, accounting for a 79 percent share at 248,148 units.

Toyota Motor Philippines Corp. remained the market leader in the country last year, with a 46.54 percent market share as it sold 200,031 units, higher than the 174,106 units it sold in 2022.

Mitsubishi Motors Philippines Corp. came in second with a market share of 18.2 percent, selling 78,371 units, up from 53,211 units in the previous year.

Closing in the top five are Ford Group Philippines with a 7.3 percent market share, Nissan Philippines with 6.3 percent market share, and Suzuki Philippines with 4.3 percent market share.

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