Industry sees rebound with auto sales posting 58.7% on-year growth

Published June 14, 2021, 4:21 PM

by Bernie Cahiles-Magkilat

All indicators showed that the domestic motor vehicle industry is moving back to its growth trajectory, based on data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).

For the month of May, motor vehicle sales reached 22,062 units, reflecting a 23.6 percent growth from the 17,843 units sold a month ago. This brought year to date sales to 110,217 units or 58.7 percent increase versus 69,463 units in the same period last year when the country was still under the first wave of hard lockdown.

All market segments and product categories posted positive growth whether month on month, year on year and year to date comparison.

Year to date, passenger cars growing 82.4 percent while commercial vehicle sales increased 49.6 percent.

Compared to the same month in 2020, overall sales in May 2021 posted 360.8 percent growth. Versus April 2021, the May 2021 sales performance was 23.6 percent higher.

CAMPI President Atty. Rommel Gutierrez said the industry welcomed the double-digit month-on-month growth amid the shift to the more relaxed quarantine restrictions in NCR plus, among other regions. Similarly, the year-on-year growth of nearly 361% from the 4,788 units sold in the same period a year ago shows a nascent recovery.

“The industry remains optimistic of a nascent recovery but at the same time on guard for any downside risks of the pandemic particularly if lockdowns are reimposed in NCR plus and in other regions resulting in a tepid consumer confidence,” said Gutierez.

Among industry 23 members of CAMPI-TMA, Toyota Motors Philippines Corp. sold a total of 52,516 units for a wide market share of 40.54 percent followed by Mitsubishi Motors Philippines Corp. with 16,925 units for 18.52 percent market share, and Ford Motor Company Philippines Inc. with 8,239 units or 6.34 percent market share.