Philippine vehicle sales zoomed 30% in Q1
MANILA -Vehicle sales in the first quarter accelerated by 30 percent on renewed consumer demand as the economy further reopened after COVID-19 induced lockdowns, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
In a statement on Wednesday, the group reported that it sold 97,284 units from January to March, more than the 74,754-unit sales recorded in the same period last year.
Most of the units sold were commercial vehicles (CV), with sales accelerating by 28.5 percent to 72,531. Passenger car (PC) sales, meanwhile, climbed by 35.1 percent to 24,753 units for the period.
In the first quarter, Toyota Motor Philippines Corp. maintained its lead with a 46.47-percent market share. It sold 45,205 vehicles in the first three months, up by 21.4 percent from 37,230 units in the same period last year.
Following Toyota were Mitsubishi Motors Philippines Corp. and Nissan Philippines Inc., accounting for 18.26 percent and 6.57 percent, respectively, of the total sales during the first quarter.
In March alone, Campi members saw their sales increase by 24.2 percent to 36,880 units from 29,685 units a year ago.
Campi president Rommel Gutierrez said that “achieving the 36,880-unit sales in March was indeed good news as the auto industry continued to hinge on the thriving consumer demand for new motor vehicles, which hopefully will further improve in the coming months.”
“In the same way, favorable economic conditions are also an important driving factor for sustained growth,” he added. PC sales for the month surged by 51.8 percent to 10,058 units while CV sales improved by 16.3 percent to 26,822 units. INQ