Vehicle sales zoom by 30 percent in 8 months

MANILA, Philippines — Vehicle sales in the Philippines continued to grow in the first eight months of the year, rising by 29.8 percent.

Latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales reached 276,215 units from January to August, higher than the 212,872 units in the same period last year.

CAMPI president Rommel Guiterrez said the year-to-date sales figure is equivalent to 70 percent of the 395,000 sales forecast for this year.

He stressed that this gives “optimism of a sustained and even stronger post-pandemic recovery for the auto industry.

In August alone, vehicle sales increased by 21.6 percent to 36,714 units. This however, is one percent lower than the 37,086 units sold last month.

“Consumer demand drives the auto sales further by nearly 22 percent in August from an already considered pre-pandemic performance a year prior amidst the above inflation target recorded anew in the same period,” Guiterrez said.

“The auto industry is mindful of the challenges brought by high inflation and its effect on the overall consumer confidence particularly for big-ticket items – not a welcome news to the consumers and industry alike if it will persist,” he added.

The monthly sales growth in August was led by passenger car sales, which increased by 49.9 percent to 10,094 units.

Commercial vehicle sales also rose by 13.5 percent in August to 26,620 units.

Passenger car sales also drove the sales growth from January to August, rising by 35.3 percent to 70,451 units.

Similarly, commercial vehicle sales increased by 28 percent to 205,764 units.

Toyota Motor Philippines Corp. remained the market leader in the first seven months, accounting for a 45.9 percent market share as it sold 126,795 units.

Mitsubishi Motors Philippines Corp. ranked second, with an 18.26 percent share as it sold 50,439 units.

Ford Motor Co. Phils. Inc. grabbed the third spot, with a 7.13 percent market share, selling 19,700 units.

Nissan Philippines landed in fourth place, with a 6.47 percent market share, as it sold 17,873 units.

Suzuki Phils. Inc. closed the top five, with a 4.28 percent market share, selling 11,821 units.

For this year, members of CAMPI and TMA are targeting a 10 to 15 percent growth, with sales projected at 395,000 units.

Last year, vehicle sales jumped by 31.3 percent to 352,596 units.

Gutierrez earlier attributed the optimistic outlook for the year to the pent-up demand for new vehicles and improving supply.

“The supply continues to improve, and in fact we have many models coming this year. So that will really boost sales,” Gutierrez said earlier.