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March 30, 2024

Last February, New Car Sales Had Fastest Growth Rate As Toyota Corners 45 Percent Market Share

New vehicle sales jumped 23 percent in February—the fastest growth rate in seven months, according to the joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

All in all, the industry showed that vehicle sales increased to 38,072 units in February, compared to 30,905 units in the same month a year ago. This is the highest year-on-year growth in seven months, or since the 33 percent sales growth in July 2023.

This figure is also a 11.8 percent increase compared to January despite having fewer selling days.

In a statement, CAMPI said the higher sales in February was down to “early marketing campaigns and improved inventories, supported by stable interest rates.”

Toyota Motor Philippines remained the best-selling vehicle brand with 16,977 units sold or a 44.59 percent market share. They are followed by Mitsubishi in second with 7,186 units (18.87 percent), and Ford in third with 2,712 units (7.12 percent). Nissan with 2,685 (7.05 percent) and Suzuki with 1,465 (3.85 percent) complete the Top 5.

This month, two new brands—SAIC Motor and Ferrari—join CAMPI. SAIC Motor Philippines, which distributes and markets the MG brand, has managed to move 1,185 units enough for a 3.11 percent share for the month. This makes them the best-selling Chinese brand, beating Geely (419 units) and GAC Motor (245 units).

Separately, SAIC Motor clarified that the figures put out in the CAMPI report are their combined January and February figures. If broken down, their January sales is 597, while their February sales is 588. 

Here’s the full February 2024 new vehicle sales breakdown:
  1. Toyota – 16,977 (44.59 percent)
  2. Mitsubishi – 7,186 (18.87 percent)
  3. Ford – 2,712 (7.12 percent)
  4. Nissan – 2,685 (7.05 percent)
  5. Suzuki – 1,465 (3.85 percent)
  6. Honda – 1,385 (3.64 percent)
  7. Isuzu – 1,307 (3.43 percent)
  8. MG – 1,185 (3.11 percent)
  9. Hyundai – 829 (2.18 percent)
  10. Geely – 419 (1.1 percent)
  11. Kia – 324 (0.85 percent)
  12. GAC Motor – 245 (0.64 percent)
  13. Chery – 243 (0.64 percent)
  14. Mazda – 223 (0.59 percent)
  15. Foton – 189 (0.5 percent)
  16. Hino – 140 (0.37 percent)
  17. Fuso – 121 (0.32 percent)
  18. Jetour – 95 (0.25 percent)
  19. JMC – 81 (0.21 percent)
  20. BMW – 72 (0.19 percent)
  21. Changan – 52 (0.14 percent)
  22. Mercedes-Benz – 39 (0.1 percent)
  23. Jaguar Land Rover – 30 (0.08 percent)
  24. Chrysler Jeep Dodge RAM – 27 (0.07 percent)
  25. Volkswagen – 18 (0.05 percent)
  26. Terrafirma Motors – 15 (0.04 percent)
  27. Peugeot – 8 (0.02 percent)
As of end February, Toyota has already sold 33,070 units or a 45.91 percent market share—a 16.9 percent increase compared to the first two months of 2023.

Mitsubishi came in second with 13,271 units sold or an 18.42 percent market share. Its sales rose 24.5 percent compared to 2023.

In third is Ford with 5,178 units sold or a 7.19 percent market share. This is a 24.1 percent increase versus 2023.

Thanks to a 45.6 percent boost in sales compared to the first two months of 2023, Nissan Philippines is close behind with 5,148 units sold or a 7.15 percent market share.

Suzuki rounded out the Top 5 with 2,950 units sold or a 4.1 percent market share. This figure is relatively flat (0.4 percent increase) compared to 2023, however.

Here’s how everyone stacked up:

January to February 2024 New Vehicle Sales
  1. Toyota – 33,070 (45.91 percent)
  2. Mitsubishi – 13,271 (18.42 percent)
  3. Ford – 5,178 (7.19 percent)
  4. Nissan – 5,148 (7.15 percent)
  5. Suzuki – 2,950 (4.1 percent)
  6. Honda – 2,506 (3.48 percent)
  7. Isuzu – 2,472 (3.43 percent)
  8. Hyundai – 1,662 (2.31 percent)
  9. MG – 1,185 (1.65 percent)
  10. Geely – 760 (1.06 percent)
  11. Kia – 678 (0.94 percent)
  12. Chery – 514 (0.71 percent)
  13. GAC Motor – 495 (0.69 percent)
  14. Foton – 479 (0.67 percent)
  15. Mazda – 413 (0.57 percent)
  16. Hino – 260 (0.36 percent)
  17. Fuso – 205 (0.28 percent)
  18. Jetour – 175 (0.24 percent)
  19. JMC – 161 (0.22 percent)
  20. BMW – 152 (0.21 percent)
  21. Mercedes-Benz – 109 (0.15 percent)
  22. Changan – 104 (0.14 percent)
  23. Jaguar Land Rover – 59 (0.08 percent)
  24. Chrysler Jeep Dodge RAM – 43 (0.06 percent)
  25. Volkswagen – 33 (0.05 percent)
  26. Terrafirma Motors – 28 (0.04 percent)
  27. Peugeot – 16 (0.02 percent)
  28. Volkswagen Trucks & Buses – 2 (0.00 percent)
Broken down, Passenger Car (PC) sales reached 9,638 units in February—a 34.1 percent increase from the 7,189 units a year ago. Compared to January figures, PC sales went up 14.1 percent compared to January’s 8,446 units.

Toyota is the best-selling PC brand last February with 4,649 units sold (48.24 percent), followed by Mitsubishi with 2,151 units (22.32 percent), Suzuki with 759 units (7.88 percent), Honda with 673 units (6.98 percent), and MG completing the Top 5 with 551 units (5.72 percent).

For the first two months of 2024, Toyota has managed to corner a 50.72 percent PC segment share (9,173 units). Following them in second is Mitsubishi with 21.78 percent (3,939 units), Suzuki in third with 1,584 units (8.76 percent), Honda in fourth with a 6.65 percent market share (1,203 units), and completing the Top 5 is Nissan with 822 units (4.55 percent).

Meanwhile, Commercial Vehicle (CV) sales climbed 19.9 percent to 28,434 from 23,716 in the same month a year ago. This accounted for 74.7 percent of the industry’s total sales.

Month on month, sales of commercial vehicles went up by 11 percent from 25,614 units sold in January.

Toyota leads all brands with 12,328 units sold (43.36 percent), followed by Mitsubishi with 5,035 units (17.71 percent), Ford with 2,708 units (9.52 percent), Nissan with 2,252 units (7.95 percent), and Isuzu with 1,307 units (4.6 percent).

In terms of the two-month cumulative, Toyota is leading all brands with 23,897 units sold (44.21 percent), followed by Mitsubishi with 9,332 units (17.27 percent), Ford with 5,165 units (9.56 percent), Nissan with 4,326 units (8 percent), and Isuzu with 2,472 units (4.57 percent).


  1. Due to very high pricing kia and vw sales continues to slide, high priced seltos and tharu flops, maxus already close shop. Despites many dealerships, it seems chery sales has reach plateau. Isuzu despite very few models consistently strong.

    1. I don't think Kia is overpriced, but it is baffling how they're still not selling as well as expected. I think they just need a much better marketing strategy.

      Oh by the way Sir Uly, if you check the Kia PH website, the Sportage is now included in the pricelist, GT-Line @ 1.8m :)

      For VW, more branches might help spur up sales

    2. Kia Sorento,EV6 and China made Seltos are expensive
      Kia Soluto and Seltos are expensive and outdated too.
      Kia Philippines is still selling 2019 MY Sportage at some dealerships.
      Isuzu mainly relies on the expensive,small and underpowered Traviz for its sales.

    3. ah really? Wow, sitting for more than 4 years already :/

      I think it's high time for Kia PH to slash a bit off from that 1.8m

  2. As an MG5 owner, nice to see the brand edging out Geely as the top Chinese brand in the Ph so far.
    -PS. Please, no more Chinese car hate. I also hate what China is doing to our country, but I really like the country's cars.

    1. For every chinese car you buy, you give 25% tax on the manufacturer's income to the chinese government, which in turn funds its illegal sovereign activities :)

      Having said that, no one can deny that the presence of chinese car brands made the industry more competitive.

    2. Most of the big chinese car companies are colluding with the chinese govt, so it’s a big NO for me.

  3. Biggest gainer and loser?

  4. Sales of MG still look good thanks to the very affordable prices of MG5 Sedan and MGZS
    MG5 is way more affordable and better value for money than the Vios J and XE while the MGZS is much better and bigger than the Toyota Raize
    MGZST and MG HS are silently axed in favor of the hard to sell MG One which is struggling to sell units due to its steep MSRP that needs some adjustment.
    Sales of Kia dropped a lot as the Soluto and Stonic aren't selling anything well that much anymore despite having huge cash discounts and low downpayment plans for those vehicles..China made Seltos is kinda hard to sell too
    Sales of Changan seems got much worse since Inchcape Philippines took over the brand as they've reduced the number of Changan dealerships in the country aside from giving less cash discounts for the CS55 Plus and Alsvin.

    1. regarding changan, i've been seeing posts in fb offering 180-210k cash discounts for the cs35. when i went to the mall and saw a display, they offered a higher price with lower discount. the SA said the discounts were for 2024 models with Inchcape pricing. what they were offering were 2023 models with Changan Motors Ph pricing. weird. who in their right mind would buy more expensive but older models?? lol

    2. Inchcape Changan Philippines is clueless on what they're doing in the Philippine market
      X7 Plus is a flop as the X70 of Jetour and Geely Okavango Comfort are much better
      CS55 Plus is very hard to sell now due to very low cash discounts they're offering for it same goes for the Alsvin.

    3. MG5 and MGZS bitter on sales of vios and raize

  5. How many units have Ferrari and SAIC sold?

    1. MG Ph and SAIC Ph sales are the same.

  6. how many auto brands are left with avid or non-aligned?

  7. Toyota's sales in Japan dropped by a third due to rigged collision safety tests yet PH sales still going strong

  8. Geely continues to suffer from the bad press they got for poor aftersales and parts availability. Sales really proving it's tough to mend broken consumer trust.

  9. Sales of geely was not helped by the gx3. Consumers know that it is an old model sold as new. Geely must update its lineup


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