Vehicle sales in the country continued to post double-digit growth in the first two months of the year.
Latest data from Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales reached 60,404 units in January and February, higher than the 45,069 units in the same period last year.
In February alone, vehicle sales increased by 27.2 to 30,905 units.
This was led by commercial vehicles, with a 29 percent growth, with 23,716 units sold.
Passenger car sales also increased by 21.6 percent to 7,189 units.
'The industry demonstrated anew positive sales growth of 27.2 percent in February 2023 on a year-on-year basis - a clear indicator of a continuously progressing auto industry from the course of the pandemic,' CAMPI president Rommel Gutierrez said.
He said members of CAMPI and TMA remain optimistic that vehicle sales would further grow by 10 percent to 15 percent this year, with sales projected at 395,000 units.
'Various favorable economic indicators are prevailing, leading to improving overall outlook for the economy alongside increasing consumer demand for new motor vehicles,' he said.
Commercial vehicle sales also led the growth in the January to February period, increasing 37 percent to 45,709 units.
Passenger car sales increased by 25.6 percent during the period to 14,695 units.
Toyota Motor Philippines Corp. remained the market leader in January, with a 46.85 percent share as it sold 28,299 units.
Mitsubishi Motors Philippines Corp. ranked second, with a 17.64 percent share, while Ford Motor Co. Phils. Inc. had a 6.91 percent share.
Nissan Philippines Inc. landed in the fourth spot with a 5.85 percent market share. Suzuki Phils. Inc. closed the top five with a 4.87 percent market share.
In 2022, vehicle sales in the country surpassed the industry's target of 336,000 units, selling a total of 352,596 units or an increase of 31 percent from the previous year.
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