HONDA Cars Philippines, Inc. (HCPI) is targeting to increase its market share to 5% from the current 4% by yearend, its sales official said.

“We are targeting about a 5% market share, I hope that by the end of the calendar year, we will be able to achieve that,” Louie C. Soriano, vice-president and sales division general manager at HCPI, told reporters on Friday.

Data from a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that HPCI’s total vehicle sales in nine months to September reached 12,587, or a 4% share of the vehicle market.

As of the third quarter, the company registered a growth of 20.6% from the 10,440 units sold in the same period last year.

The company is currently in the seventh spot in terms of vehicle sales for the year, despite a 5.6% decline in its month-on-month sales.

Aside from growing its market share, the company is also targeting to grow its sales by at least 25% or as much as 30% before the year ends.

“With the models that we have, the promotions that we have, the availability of supplies that we have, I think we are going to achieve a growth that is more than the industry,” Mr. Soriano said.

He said that the company is no longer facing supply issues and had already served the back order for HR-V units, which previously faced a difficult supply situation.

“Now we have to make noise again. We need to inform the public that there is no more supply issue on the HR-V regardless of the variant,” he added.

CAMPI-TMA members sold a total of 314,843 units in the January-to-September period, booking a 26.9% increase from 248,154 last year.

CAMPI previously upwardly revised its sales forecast for the year to reach 423,000 from the previous target of 395,000. Last year, CAMPI-TMA members sold a total of 352,596 units. — Justine Irish D. Tabile