Saturday, February 17, 2024

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Honda aims to increase its market share by the end of the year.


HCPI aims to raise its current 4% market share to 5% by the end of the year, according to a sales representative.

“We aim to capture approximately 5% of the market. My goal is to reach this target by the end of the year,” stated Louie C. Soriano, HCPI’s vice-president and general manager of the sales division, during a press conference on Friday.

According to a collaborative study by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), HPCI’s total vehicle sales in the first nine months up to September amounted to 12,587, which accounts for 4% of the overall vehicle market.

In the third quarter, the company experienced a 20.6% increase in sales compared to the 10,440 units sold in the same period last year.

Despite a 5.6% decrease in month-on-month sales, the company currently ranks seventh in terms of vehicle sales for the year.

In addition to increasing its market share, the company aims to boost its sales by a minimum of 25% or potentially up to 30% by the end of the year.

Mr. Soriano stated that with our current models, promotions, and supply availability, he believes we will surpass industry growth.

He stated that the company is currently not experiencing any problems with supply and has fulfilled the back orders for HR-V vehicles, which previously encountered a challenging supply situation.

“We must once again create awareness. It is important to notify the public that there are no longer any supply issues with the HR-V, regardless of the version,” he stated.

In the period of January to September, members of CAMPI-TMA sold a combined total of 314,843 units, marking a 26.9% growth from the previous year’s sales of 248,154.

CAMPI has recently increased its projected sales for the year to 423,000 units, up from their previous target of 395,000. In the previous year, CAMPI-TMA members sold a total of 352,596 units.