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Philippines: Vehicle sales zoom over 4-fold in May
MANILA, Philippines — Vehicles sales accelerated over four-fold in May as the easing of quarantine restrictions in the metro, coupled with a comparatively lower base last year, fueled a surge in consumer demand.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association Inc. (TMA) released yesterday showed total vehicle sales reached 22,062 units in May or 361 percent higher than the 4,788 units sold in the same month a year ago.
Passenger car (PC) sales jumped 447 percent to 7,599 units from 1,389 units while commercial vehicle (CV) sales surged 326 percent to 14,463 units from 3,399 units in the same month last year.
CAMPI president Rommel Gutierrez said the year-on-year growth in May sales shows the industry’s recovery as sales have been affected by the lockdowns imposed in response to the pandemic.
Compared to April’s sales of 17,843 units, combined CAMPI and TMA sales in May climbed 24 percent as the National Capital Region (NCR) Plus shifted to more relaxed health safety protocols under general community quarantine (GCQ) with heightened restrictions after being placed under the stricter enhanced community quarantine and modified ECQ due to a surge in new COVID-19 cases earlier in the year.
For the five-month period from January to May, cumulative sales rose 59 percent to 110,217 units from 69,463 units in the same period a year ago.
PC sales were up 82 percent to 35,024 units from the previous year’s 19,201 units, while CV sales increased 50 percent to 75,193 units from 50,262 units.
Toyota Motor Philippines Corp. remained the leading automotive firm as it accounted for 47.65 percent of total sales.
Mitsubishi Motors Philippines Corp. was on second spot with a 15.36 percent share, while Ford Motor Co. Philippines Inc. came in third place with a 7.48 percent share.
Suzuki Philippines Inc. placed fourth with a 7.43 percent share, while Nissan Philippines Inc. ranked fifth with a 6.80 percent share.
Gutierrez said “the industry remains optimistic of a nascent recovery but at the same time on guard for any downside risks of the pandemic particularly if lockdowns are reimposed in NCR Plus and in other regions resulting in a tepid consumer confidence.”
Source: https://www.philstar.com/business/2021/06/15/2105472/vehicle-sales-zoom-over-4-fold-may