PH vehicle sales zoom for fifth straight month
MANILA -Sales of automotive vehicles in the Philippines continued its double-digit growth in May, marking the fifth consecutive month of growth this year, rising by nearly half, indicating a strong mid-second quarter performance for the local industry.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Tuesday showed that new vehicle sales reached 38,177 units, 44.8 percent higher compared with the 26,370 units during the same month a year ago.
Campi president Rommel Gutierrez said that was driven by the high market demand, with them seeing a double-digit growth across all segments from the figures last year.
“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor toward an economic and market conditions that are favorable for the industry and consumers alike,” he said in a statement.
Gutierrez added that the steady year-on-year growth recorded during the first five months of 2023 is giving the local automotive industry optimism that it will achieve its growth target of 10 percent to 15 percent this year.
Year-to-date, Campi-TMA sold 166,104 units, equivalent to 31.5 percent growth compared with the same period a year ago.
Automotive vehicles sold in the Philippines numbered by 352,596 units in 2022, growing by 31.3 percent compared to the 268,488 units sold in the previous year, close to the levels during prepandemic times.
Vehicles sales in 2019—the year before the start of the coronavirus pandemic—stood at 369,941 units, which plunged to 223,793 units in 2020.
By brands, those from Japan continued to dominate most of the market in May, with Toyota Motor Philippines Corp. retaining the top spot with a market share of 46.80 percent, which is equivalent to selling 17,866 units sold during the month.
Mitsubishi Motors Philippines Corp. followed with a 17.87 percent market share; Ford Motor Co. Philippines. Inc. with 7.96 percent, Nissan Philippines, Inc. with 6.02 percent and Honda Cars Philippines Inc. with 3.77 percent. INQ