Philippines: Vehicle sales up 25% in 8 months
MANILA, Philippines — The country’s automotive industry remains on track with its recovery as it continued to post double-digit sales growth in the eight months of the year, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA).
In a joint report released yesterday, CAMPI-TMA said year-to-date total new motor vehicle sales increased by 25.1 percent to 212,872 units from 170,112 units in the same period last year.
Based on CAMPI data, the industry posted double-digit growth for six consecutive months on a year-on-year basis.
Month-on-month, CAMPI-TMA sales jumped by 90.5 percent to 30,185 units from 15,847 units last year.
This was driven by commercial vehicle sales, which increased by 114.1 percent to 23,452 units from 10,953 units in the same period a year ago.
Passenger vehicles also reported a 37.6 percent increase in sales to 6,733 units.
“The recovery of the industry is on track as we reached monthly sales of above 30,000 units – a pre-pandemic monthly performance level last recorded in 2019. This year-on-year improvement of 90.5 percent in August brings us closer to achieving the industry sales target this year,”CAMPI president Rommel Gutierrez said.
“With the return of the 8th Philippine International Motor Show this month, there are plenty of reasons to be optimistic of having a stronger year after a period of lower sales achievement because of the pandemic,”, Atty Gutierrez said.
From January to August, CAMPI-TMA’s commercial car sales grew by 39 percent to 160,790 units from 115,710 units.
In contrast, passenger vehicle sales declined by 4.3 to 52,082 units from 54,402 units.
Toyota Motor Philippines Corp. remained the market leader as of end-August with a 51.09 percent share.
Mitsubishi Motors Philippines Corp. placed second with a 14.19 percent share, while Nissan Philippines Inc. came in third with a 6.81 percent share.