Toyota PH Chairman: Total 2024 car sales to hit 470,000 units

It looks like automakers enjoyed a busy 2024 when it comes to auto sales. Back in 2023, Philippine auto sales breached the forecasted 423,000 sales target when the industry sold a total of 441,408 units. This data is based on CAMPI, TMA, and independent distributors.

Now, the estimated sales figure for 2024 is expected to beat last year's record. During a speech today by Toyota Motor Philippines Chairman Alfred Ty, the Philippine auto industry is expected to achieve 470,000 unit sales. The executive mentioned that total vehicle sales for 2024 could be just under the previous record of 473,943 units in 2017. However, Ty added there's also the possibility of this year's vehicle sales breaching 2017's record vehicle sales.

For 2024, Toyota Motor Philippines expects its total vehicle sales to hover between 215,000 to 218,000 units. Compared to last year, the Japanese automaker sold 198,188 units which translates to 44.9% of the market share in the Philippines. Together with Lexus Philippines sales, TMP breached the 200,000 unit sales for the calendar year 2023. With an even higher estimated sales figure for 2024, Toyota is looking to increase its market share in the country once more.

TMP is set to focus on two things to further increase their sales figure next year; enhance local production and expand jobs. With customer deliveries for the all-new Tamaraw set to begin in January 2025, TMP is on its way to doing just that, especially since they are expecting high customer demand for the next-generation Tamaraw. Combined with the growing popularity of electrified vehicles, Toyota is set to break records once more not just in sales but also in offering electrified cars in the Philippines.

Do you think Philippine auto sales will breach 470,000 units? Or will it somehow break the previous record in 2017 wherein the industry sold 473,943 vehicles? Let us know what you think in the comments below.