Car sales to grow 5% next year, says CAMPI

THE CHAMBER of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is eyeing a 5% growth in vehicle sales next year amid improving supply chains, introduction of new models, and public acceptance of electrified vehicles (EVs).

- By Justine Irish D. Tabile Reporter

CAMPI President Rommel R. Gutierrez told reporters on Friday that the industry is on track to meet the 500,000 sales target for this year.

"Next year, it has to be higher... On average [we are growing] 5%... I think 5% will be a conservative figure. We will maintain (this)," he said.

If CAMPI and the Truck Manufacturers Association (TMA) achieve its 500,000 sales target this year, a 5% growth would mean vehicle sales of 525,000 in 2026.

The latest industry report showed new passenger car sales stood at 383,424 units as of the end of October, making up 76.68% of the target set for the year.

Mr. Gutierrez said sales growth will be driven by the improvement in supply, introduction of new vehicle models, and the wider adoption of EVs.

For next year, Mr. Gutierrez said he expects more sales of EVs, which is on track to account for 12% of the industry’s total sales this year.

“I think that was the target, and I think it is possible even next year, or even higher. Even the Vios model now has a hybrid, so we are moving towards that,” he said.

“And I feel we see that consumers are already embracing and accepting EVs more than ever.”

In CAMPI’s report, total EV sales hit 24,265 units in the first 10 months, accounting for 6.33% of the total industry sales. However, it is important to note that some car manufacturers are not members of CAMPI and TMA, whose sales will not be reflected in the industry groups’ report.

Meanwhile, Mr. Gutierrez said carsalesmayalso be driven by rising demand for ride-hailing services.