Compared to the 87,169 vehicles sold in 2019, there has been a 41% drop last 2020. Numerically speaking, only 51,719 units were sold during that year. One of the main factors surrounding this sudden decrease was due to lockdowns, limited economic activity, and weak consumer demand.
Despite that, it is still worth noting that a strong finish was still achieved before 2020 ends, with a 15% increase versus November. As per AVID, this indicates a slow yet steady recovery coming from the most challenging period in the Philippine automotive industry.
Last 2020, the passenger car segment dipped by around 46%, with only 16,588 units sold. Notably, Hyundai became the leader of this category, with the South Korean automaker having a total of 8,464 units sold. It was then followed by Suzuki with 6,177 units and Ford with 1,005 units.
Sales for light commercial vehicles, on the other hand, also recorded a 38% decrease last year, with only 34,826 units sold. The segment was topped by Ford with 13,770 units sold, next is Suzuki with 9,338 units, and Hyundai which generated a total of 7,882 units sold. Finally, a total of 305 units were sold for the commercial vehicle segment last 2020, or rather a 66% decline in sales compared to the 907 units sold in 2019.
Soon, vehicle importers and consumers will be affected by the additional Tariff, specifically, P70,000 for passenger cars and P110,000 for Light Commercial Vehicles. This takes effect 15 days prior to DTI’s publication.