THE PHILIPPINE automotive industry has beaten its record for the fourth consecutive year as vehicle sales reached 76,479 units in the first quarter of the year, according to the Chamber of Automotive Manufacturers of the Philippines Inc.
First quarter vehicle sales rose by 21.6 percent from the 62,882 units sold in the same period last year.
“This is another remarkable achievement for the automotive industry. It has been a good start for 2016 and we hope the momentum can be maintained in the coming months,” said Campi president Rommel Gutierrez.
Based on the joint report by Campi and the Truck Manufacturers Association (TMA), both passenger cars and commercial vehicle segments recorded double digit sales growth in the first three months of the year.
Sales of passenger cars grew 18.9 percent to 29,796 units, while the commercial vehicle segment posted a 23.4-percent increase in sales to 46,683 units in the first quarter.
“Both passenger cars and commercial vehicles have garnered boosts by robust sales of recently introduced all-new and refreshed models. These were complemented by the brands’ marketing promotions and campaigns,” Campi said.
The commercial vehicles segment performed well, with heavy- duty trucks and buses posting the biggest growth.
For March alone, total vehicle sales grew 16.8 percent to 27,521 units. Both the passenger car and commercial vehicle segments posted double digit increases of 16.9 percent and 16.8 percent, respectively.
As of the end of the first quarter, Toyota Motor Philippines Corp. continued to dominate the industry with a market share of 39.92 percent, equivalent to sales of 30,498 units. Mitsubishi Motors Philippines Corp. followed with a 19.2- percent market share (14,668 units).
The third biggest automotive player in terms of sales was Ford Motor Co. Philippines Inc. with a 10.31-percent share (7,876 units); followed by Isuzu Philippines Corp. with 8.61 percent (6,579 units); and Honda Cars Philippines Inc. with 8.31 percent share (6,349 units).