Vehicle sales in the Philippines sustained their double-digit growth in the first seven months of the year, rising by 31.1%.
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 239,501 units from January to July, higher than the 182,687 units in the same period last year.
'The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation,' CAMPI president Rommel Gutierrez said.
Guiterrez said the auto industry is sustaining its positive growth trend as sales of new motor vehicles recorded a continued year-on-year growth for the past 17 consecutive months, since March 2022.
'The industry hopes to maintain this trend for the year,' Guitierrez said.
'The auto industry is truly inspired to expand its product and service offerings to the consumers and businesses alike, as seeing this continued growing demand for new motor vehicles is indeed a welcome and significant part of growth development,' he said.
In July alone, vehicle sales increased by 33.3% to 37,086 units.
The monthly sales growth was led by passenger car sales, which increased by 49.8% to 9,509 units.
Commercial vehicle sales also rose by 28.5% in July to 27,577 units.
Passenger car sales also drove the sales growth from January to July, rising by 33.1% to 60,357 units.
Similarly, commercial vehicle sales increased by 30.4% to 179,144 units.
Toyota Motor Philippines Corp. remained the market leader in the first seven months, accounting for a 45.99% market share as it sold 110,158 units.
Mitsubishi Motors Philippines Corp. ranked second, with an 18.3% share as it sold 43,831 units.
Ford Motor Co. Phils. Inc. grabbed the third spot, with a 6.94% market share, selling 16,611 units.
Nissan Philippines landed in the fourth spot, with a 6.54% market share, as it sold 15,674 units.
Suzuki Phils. Inc. closed the top five, with a 4.25% market share, selling 10,174 units.
For this year, members of CAMPI and TMA are targeting a 10 to 15% growth, with sales projected at 395,000 units.
In 2022, vehicle sales grew 31.3% 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.
He said automotive brands are preparing for this year's full recovery.
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