The Philippine automotive industry anticipates selling up to 500,000 vehicle units in 2024, with the expectation of hosting the Philippine International Motor Show (PIMS) in the second half of the year.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) predicts a 9% growth in sales this year, reaching 468,300 units compared to the 429,807 units sold in 2023.
CAMPI President Atty. Rommel Gutierrez expressed optimism due to positive business and consumer confidence, new model introductions, and the expansion of electrified vehicle line-ups, especially in the hybrid electric vehicle segment.
The industry’s target of 500,000 unit sales in 2024 is supported by the growth seen in the previous year.
In January 2024 alone, a total of 34,060 vehicles were sold, indicating a 15.5% increase compared to the same period in the previous year.
Source: PhilNews24 | February 22, 2024
