Vehicle sales up 19.4% in February

Domestic motor vehicles sales in February this year went up 23.2 percent to 38,072 units, bringing year to date sales to 72,132 units or 19.4 percent higher compared to the first two months of 2023, industry data showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed February’s sales sustaining the January sales, boosting hopes for a very strong 2024 finish.

All vehicle segments and categories posted significant increases, except for medium-duty trucks and buses (Category 4).

The CAMPI and TMA report showed growth in passenger car sales at 34.1 percent to 9,638 units in February, overtaking the commercial vehicle sales growth of 19.9 percent although this segment registered higher volume of 28,434 units from 23,716 units in the same month last year.

The Asian Utility Vehicle category posted a 29.9 percent increase with sales hitting 6,360 units as against 4.896 units in February last year.

Sales of light commercial vehicles, mostly sports utility vehicles under Category 2, accounted for the bulk with 21,236 units or 17.7 percent higher than January 2023 and 12 percent higher than January 2024 sales of 18,965 units.

Notably, the light commercial vehicle segment already accounted for 74.69 percent market share in February alone.

The medium-duty trucks and buses (Category IV) sold a total of 261 units or 10.3 percent lower than February sales 2023 sales and 7.4 percent down from January 2024.

The heavy-duty trucks and buses (Category V) sold 61 units for the month or 3.2 percent down versus January 2024, but 8.9 percent higher than January 2023.