Car sales zoom for 10th month as shortages ease

MANILA  -Sales of automotive vehicles in the Philippines grew by nearly a fifth in October, marking 10 months of consecutive growth for the local industry which is hoping to surpass prepandemic levels by the end of the year.

Data released on Thursday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed that sales of new vehicles reached 38,128 units during the month, 18.6 percent higher than the 32,146 units sold in the same month a year ago.

Campi president Rommel Gutierrez said sales were sustained by aggressive marketing activities and supply improvement across all brands.

“Consumer appetite is high and sales are driven by continued pent-up demand, which is also supported by easier access to credit,” Gutierrez said in a statement.

Monthly sales have been growing in the double digits since January of this year, except in September when growth slowed to 9.5 percent.

The October sales performance brought the year-to-date vehicle sales in the Southeast Asian country to 352,971 units, marking a 25.9 percent increase compared to the 280,300 units sold in the same period last year.

Campi is targeting a 20-percent growth in sales this year, aiming to sell a total of 423,000 units during the entirety of 2023.

Sales volume reached 352,596 units in 2022; 268,488 units in 2021; 223,793 units in 2020, and 357,410 units in 2019.

Japanese brands continued to dominate most of the Philippine market during the 10-month period, with Toyota Motor Philippines Corp. still maintaining a wide market lead with a share of 45.96 percent.