Sales of automotive vehicles grew by 31.1 percent in the first seven months of the year, a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said yesterday.
CAMPI and TMA data showed that sales of both the passenger cars and commercial vehicles went up by 33.1 percent and 30.4 percent, respectively.
Passenger car sales reached 60,357 units in January to July from 45,349 units in the same period last year.
Commercial vehicle sales also increased to 179,144 units from 137,338 units.
All sub-segments of commercial vehicles recorded an increase in sales during the period.
“The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation,” CAMPI president Rommel Gutierrez said in a statement.
“In fact, 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.”
Top car brands in January to July 2023 period are Toyota, Mitsubishi, Ford, Nissan and Suzuki.
For July alone, car sales went up by 33.3 percent from 27,813 units last year to 37,086 units this year, driven by the higher sales of both passenger cars and commercial vehicles.
“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,” Gutierrez said.*PNA