Vehicle sales in PH sustained growth momentum in November | Inquirer Business

Vehicle sales in PH sustained growth momentum in November

/ 02:10 AM December 20, 2023

MANILA, Philippines  -Local automotive sales revved up by 7.6 percent in November, driving 11 months of unbroken growth for the local industry that is nearing its target to sell 423,000 vehicles in 2023.

Data released on Tuesday by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association showed that 37,683 new vehicles were sold during the month, from 35,037 units in November 2022.

“We may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained,” said Campi president Rommel Gutierrez.


READ: Car sales zoom for 10th month as shortages ease


He added that vehicle sales are being pushed by continued aggressive marketing activities and supply improvement across all brands.

But despite the continued growth, November marked the weakest monthly performance this year, with the monthly growth rate dipping in the single digits for the second time since September when it was pegged at 9.5 percent.

Still, the November sales performance brought the year-to-date vehicle sales in the country to 390,654 units, marking a 23.9-percent increase compared to the 315,337 units sold during the same 11-month period in 2022.

The year-to-date posting also surpassed the sales level in 2019, the year before the pandemic outbreak when sales dropped by 40 percent.

READ: Growth in PH vehicle output slowed in Oct 2023

The automotive industry association is targeting a 20-percent growth in sales in 2023 after recording a 31-percent annual growth in the previous year. INQ

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TAGS: Business, forecast, Growth, vehicle sales

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