The Philippine automotive industry remained positive with a 10.1% increase for the first half of 2024 compared to the same period last year, despite a slightly slower performance in June 2024. This is based on the consolidated report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the Truck Manufacturers Association (TMA), and independent data from other distributors.

This year sees the full-year start of SAIC Motor Philippines' operation of the MG Motor brand; while the Geely brand is being taken over by its principal from distributor Sojitz-G Auto Philippines. BYD sales have also been accounted for in this report.

“The decline in consumer demand, as well as delays in the arrival of vehicle units and supply limitation for fast-moving variants all contributed to this decline,” said Atty. Rommel Gutierrez, CAMPI president.

For the first half of 2024, total auto sales logged 228,753 units*, up 10.1% compared to 2023’s 207,777 units^ total for the same period. Passenger cars comprised 26.48% with a 60,573 unit total, while commercial vehicles totaled 168,180 for 73.52% of the market. Despite commercial vehicles dominating the market, it is worth noting that passenger car saw a slight uptick in market share.

Light Commercial Vehicles (LCV) led the CV subsegments, comprising 73.30% of CV sales with 123,281 units sold; 1.86% more than last year's 121,030 total. AUV/MPV segment sold 39,438 units, up 34.73% from 29,272 last year. Truck and bus sales were mostly up. Light truck sales slowed by 2.485, selling a total of 2,992 units compared to the previous year's 3,068 unit total. Category 4 Heavy Duty Truck and Bus sales grew to 2,144 units with a 16.02% increase compared to 1,848 last year. Category 5 Heavy Duty Truck and Bus dropped 32.29% with 325 units sold compared to 480 units in 2023.

Sales performance was mostly positive for all brands for the year's first half. GAC (BAMPI) saw the strongest growth of 172.3% to 1,702 units, Foton (FMPI) saw a strong 29.9% uptick to 1,664 units, Mazda (BAPI) with 28.4% to 1,257, Mitsubishi Motors (MMPC) saw a respectable 15.1% increase to 42,599 units, and Suzuki (SPI) up 12% to 9,650 units. The top three decliners were Hino (HMPC) with a 12.7% decline, Subaru (MIPI) with an 8.56% slide, and Honda (HCPI) with an 8.4% slip.*

*only brands with at least 1,000 units sold were included.

As we enter the second half of the year, the industry is approaching with mixed expectations as the pickup excise tax is rumored to be implemented soon. At the same time, the new Executive Order 62 will bring more fiscal incentives to hybrid vehicles.

After six months, Toyota (TMP) continues its lead in the market with 103,252 units (45.14%). Mitsubishi Motors (MMPC) follows in second with a much-improved 42,599 units (18.69%), Ford (FMCPI) is in third with 14,460 units (6.32%), Nissan (NPI) in a close fourth with 13,939 units (6.09%), Suzuki (SPI), moves up to fifth with 9,360 units (4.22%), Isuzu (IPC) improved to sixth with 8,225 units (3.60%), Honda (HCPI) drops down to seventh with 7,944 units (3.47%), Hyundai (HMPI) stays in eighth with 5,697 units (2.49%), MG (SMPI)  improved to ninth with 3,933 units (1.72%), and Kia makes it to tenth with 2,448 units (1.07%).

In the premium segment, Lexus led with 1,098 units, they are the first premium brand to eclipse the 1,000 unit barrier for a half-year period; Following in second by BMW with 452 units and Mercedes-Benz with 338 units.

It looks almost certain that the 2024 sales total will breach the 473,943 unit record set in 2017, it still is a big question mark whether it will reach the 500,000 unit barrier.

Auto sales for June 2024 totaled 38,906 units*, representing a 3.65% decline from the previous month’s 40,381 total.

Despite the slight slowdown of sales compared to the previous month, June sales outperformed the same period the previous year by 7.8%. Passenger car (PC) sales totaled 10,601 units, covering 27.29% of the market. Commercial vehicles (CV) continued to take a larger share of the market at 28,251 units or 72.71% of the market.

The top five performing brands for June were:

Toyota – 17,974 units (46.26% market share)

Mitsubishi Motors – 7,453 units (19.18% market share)

Nissan – 2,380 (6.13% market share)

Ford – 2,219 units (5.71% market share)

Suzuki – 1,675 units (4.31% market share)

*total may slightly vary due to unavailable data from some brands for June.

^adjusted figure based on late additions in post 2023 report.