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Philippines: Vehicle sales up 31% in months
MANILA, Philippines — Vehicle sales in the country continued to post double-digit growth in the 11 months of the year, driven by growing consumer demand, data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.
In a joint report, CAMPI-TMA said year-to-date new motor vehicle sales increased by 31 percent to 351,337 units.
Based on CAMPI data, the industry posted double-digit growth for nine consecutive months on a year-on-year basis.
“The auto sales performance has been improving, recording double-digit growths for nine successive months. With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 units this year,” CAMPI president Rommel Gutierrez said.
“The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors toward sustained growth,” he said.
On a month-on-month basis, CAMPI-TMA sales climbed by 32.4 percent in November to 35,037 units. This was led by commercial vehicle sales, which increased by 43 percent to 26,106 units.
Similarly, passenger vehicle sales also rose by 8.8 percent to 8,931 units.
From January to November, CAMPI-TMA’s commercial car sales jumped by 45.3 percent to 238,054 units.
Passenger vehicle sales inched up 0.6 percent to 77,283 units.
Toyota Motor Philippines Corp. remained the market leader as of the end of November, with a 49.75 percent share.
Mitsubishi Motors Philippines Corp. placed second with a 14.81 percent share, while Ford Motor Co. Phils. had a 6.8 percent share.
Gutierrez earlier said the automotive industry was on track to meet its 336,000-unit sales target this year.
He explained that the industry reached monthly sales of above 30,000 units – a pre-pandemic monthly performance level last recorded in 2019.
Pre-pandemic annual sales were at the 400,000-plus units level.
“It’s really a good sign. We think it’s just a matter of time that maybe next year we will be able to reach pre-pandemic levels,” Gutierrez said.
Source: https://www.philstar.com/business/2022/12/15/2230795/vehicle-sales-31-months