Chery Auto Philippines grows 64% in 2023
CHERY AUTO PHILIPPINES (CAP) concluded 2023 with healthy growth of 64% versus its 2022 sales performance. CAP recorded total sales of 3,600, cornering 1.2% share of the passenger vehicle segment.
“This previous year was a challenge for the automotive industry as the competition becomes tougher with more and more players especially China brands coming in. We attribute our success last year to the attractive sales and marketing promotions, flexible financing offers extended by our bank partners and the increasing confidence of the market toward our vehicles and after-sales support,” Chery Auto Philippines Managing Director Froilan Dytianquin said.
The Tiggo 5 was CAP’s sales driver last year with 1,851 units sold. Year on year, Tiggo 5 sales significantly increased by 169% compared to 2022, maintaining its fourth place in the subcompact SUV segment with 11% market share.
Meantime, the Chery Tiggo 7 performed well in the compact SUV segment last year with 31% sales growth, selling a total of 910 units in 2023. Based on the data presented by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the Tiggo 7 was also fourth in its class.
Midsize SUVs continued to dominate the SUV category with more than 40,000 sales in 2023 which is equivalent to 12% growth. This paved the way for Chery’s midsize SUV Tiggo 8 to register a 6% sales growth with a total of 473 units sold last year.
“As we welcome the New Year, Chery Auto Philippines remains confident as it aims to double its sales for this year. This will be triggered by the refreshed and new additions to our vehicle model lineup as well as the new Chery dealerships to rise this year,” Mr. Dytianquin added.
