Vehicle sales revved up by 29.4% in July on improving demand

Japanese brands led by Toyota continue to dominate the Philippine auto sector. —INQUIRER
FILE PHOTO

Vehicle sales in the Philippines revved up by 29.4 percent in July compared to the same month last year, according to industry association figures released Monday, with the double-digit growth driven by higher demand amid improving consumer outlook in the country.

Data from the Chamber of Automotive Manufacturers of the Philippines (Campi) and the Truck Manufacturers Association (TMA) showed automobile companies in the country sold 27,813 units last month, growing by almost a third compared to last year’s July sales.

Big-ticket items

“The double-digit sales growth recorded in July driven by higher demand for new motor vehicles brings a high degree of confidence for continued recovery of the auto industry,” Rommel Gutierrez, president of Campi, said in a statement, adding this was a reflection of the improvement of the consumer outlook on big-ticket items.

“The improvement in the availability of jobs and employment, business recovery and containment of the pandemic are important drivers for the overall economic recovery in this postpandemic normalcy—similarly true for the industry’s recovery as well,” he added.

A total of 182,687 units have been sold year-to-date, indicating an 18.4-percent growth compared with the same seven-month period in 2021.

Japanese car brands also continued to dominate the Philippine market, with Toyota Motor Philippines Corp. selling the most vehicles at 13,936 units. This is followed by Mitsubishi Motors Philippines Corp. with 5,027 units, and Nissan Philippines Inc. with 1,705 units. INQ