Latest news with #HiluxTamaraw
Yahoo
16-04-2025
- Automotive
- Yahoo
Philippines vehicle sales rose 8% in March
New vehicle sales in the Philippines increased by almost 8% to 40,306 units in March 2025 from 37,474 units a year earlier, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA). The vehicle market has continued to grow so far this year, after rebounding strongly in the previous three years from the pandemic lows – supported by strong domestic economic growth. GDP expanded by 5.6% last year, driven by strong domestic consumption and exports. The central bank has cut its benchmark interest rate by 25 basis points on four occasions since last August, to 5.50%, to help support domestic consumption. In the first quarter of 2025 vehicle sales increased by almost 7% to 117,074 units from 109,606 units in the same period last year, driven by a 14% rise in commercial vehicle sales – including SUVs - to 92,742 units while sales of passenger cars fell by 14% to 24,332 units. Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, pointed out that the decline in passenger cars reflected a 'greater preference for SUVs, pickup trucks and other vehicles with a higher road clearance after the numerous typhoons and widespread floods that hit in the country in the latter part of 2024.' The associations' data show that a total of 5,311 electrified vehicles were sold year-to-date, including 4,544 hybrid electric vehicles (HEVs), 692 battery electric vehicles (BEVs) and 75 plug-in hybrids. Last year the government added hybrid electric vehicles (HEVs) to its EO12 zero-tariff incentive programme, which expires in 2028, having previously applied only for zero-emission vehicles such as battery electric vehicles (BEVs). Toyota reported an 12% increase in first-quarter sales to 55,510 units, helped by the recent launch of the new entry-level Hilux Tamaraw; followed by Mitsubishi Motors with 23,380 units (+12%); Nissan 6,720 units (-15%); Suzuki 5,440 units (+24%); and Ford 5,220 units (-31%). Earlier this year CAMPI said it expected total vehicle sales in the country to exceed 500,000 units this year, up from 467,252 units in 2024, driven by 'newly rolled out models and the anticipated introduction of new models', while Toyota is forecasting total industry volumes of 512,000 units. The Philippine government plans to introduce new incentives this year to encourage more local vehicle manufacturing in the country, under its 'Revitalizing the Automotive Industry for Competitiveness Enhancement' (RACE) programme. RACE will look to channel market incentives mainly to local producers to encourage investment. "Philippines vehicle sales rose 8% in March" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
22-03-2025
- Automotive
- Yahoo
Philippine vehicle sales rose 3% in February
New vehicle sales in the Philippines increased by 3% to 39,164 units in February 2025 from 38,072 units a year earlier, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA). The market last month came up against strong year-earlier volumes, when sales rose by 23% year-on-year, and was supported by strong sales for commercial vehicles - which rose by 9% year-on-year to 31,010 units while passenger vehicle volumes fell by 15% to 8,154 units. The Philippine vehicle market has continued to grow so far this year, after rebounding strongly in the last three years from the pandemic lows – supported by stable economic growth in the country. GDP grew by 5.6% last year, driven by strong domestic consumption and exports. The central bank has cut its benchmark interest rate by 25 basis points three times since last August, to 5.75%, and further cuts are expected this year to support domestic consumption. Vehicle sales in the first two months of the year rose by 6.4% to 76,768 units from 72,132 units in the same period of last year, with commercial vehicle sales rising by almost 13% to 60,885 units while passenger vehicle sales fell by 12% to 15,883 units. The associations' data shows that a total of 3,416 electrified vehicles were sold year-to-date, including 3,034 hybrid electric vehicles (HEVs), 335 battery electric vehicles (BEVs) and 47 plug-in hybrids. Last year the government added hybrid electric vehicles (HEVs) to its EO12 zero-tariff programme, which was previously available only for zero-emission vehicles such as battery electric vehicles (BEVs), until 2028. Toyota reported an 11% sales increase to 36,606 units year-to-date, helped by the recent launch of the new entry-level Hilux Tamaraw; followed by Mitsubishi Motors with 15,548 units (+17%); Nissan 4,442 units (-14%); Suzuki 3,558 units (+21%); and Ford 3,334 units (-36%). CAMPI last month said it expects the total vehicle market to exceed 500,000 units this year, up from 467,252 units in 2024, driven by 'newly rolled out models and the anticipated introduction of new models', while Toyota is forecasting total industry volumes of 512,000 units. The Philippine government plans to introduce new incentives this year to encourage more local vehicle manufacturing in the country, under its 'Revitalizing the Automotive Industry for Competitiveness Enhancement' (RACE) programme. RACE will look to channel market incentives mainly to local producers to encourage investment. "Philippine vehicle sales rose 3% in February" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
