The country's automotive industry remains optimistic it will hit its sales target for the year as vehicle sales remained on the uptrend, rising by 28.1 percent in the first four months.
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 127,927 units from January to April, higher than the 99,903 units in the same period last year.
In April alone, vehicle sales increased by 21.8 percent to 30,643 units.
'The improving economic indicators, which in fact remain favorable until the end of the year, according to a government report, is an essential metric for the continued growth of the auto industry. At the same time, this is perfectly timed with the market availability of a wider range of motor vehicle models being offered by our members, responding to the growing needs of customers,' CAMPI president Rommel Gutierrez said.
'As the economic outlook remains favorable, the auto industry is optimistic to attain full recovery from the pandemic-induced challenges - well-positioned to grow to significant levels, even higher than the pre-pandemic figures. It is worth noting that the industry has already recorded this growth trajectory in the past four months compared with the 2019 levels,' he said.
The April sales growth was led by commercial vehicles sales, which grew by 23.5 percent to 23,326 units.
Passenger car sales also went up by 16.9 percent to 7,317 units in April.
Sales growth in the first four months of the year was led by passenger cars, which grew by 30.5 percent to 32,070 units.
Commercial vehicles sales also increased by 27.3 percent to 95,857 units.
Toyota Motor Philippines Corp. remained the market leader in the first four months, with a share of 46.38 percent as it sold 59,328 units.
Mitsubishi Motors Philippines Corp. ranked second with a 18.27 percent share, while Nissan Philippines grabbed the third spot with a 6.65 percent share.
Ford Motor Co. Phils. Inc. landed in the fourth spot with a 6.31 percent market share. Honda Cars Philippines Inc. closed the top five with a 4.61 percent market share.
For this year, members of CAMPI and TMA are targeting a 10 to 15 percent growth with sales projected at 395,000 units.
In 2022, vehicle sales grew 31.3 percent to 352,596 units from 268,488 units in the previous year.
Gutierrez earlier attributed the optimistic outlook for this 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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