Auto industry sales grow 42.1% in January

The local automotive industry was off to a good start in the first month of the year with sales posting a strong 42.1 percent growth versus Jan. 2022, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.

Based on the CAMPI-TMA report, sales in Jan. 2023 reached 29,499 units from 20,765 units in Jan. 2022.

The robust growth in sales was driven by the commercial vehicle segment which grew 46.8 percent with sales of 21,993 units from 14,981 units. Among the categories, sales of Asian utility vehicles accounted for the biggest jump in sales to 87.1 percent with sales of 4,587 units from 2,452 units in Jan. 2022.

However, the light commercial vehicle category contributed the volume sales with a total of 16,757 units from 11,893 units or 40.9 percent increase in the same period last year.

Sales of passenger car segment also went up 29.8 percent to 7,506 units from 5,784 units.

When compared to Dec. 2022 sales, the January 2023 performance was a disappointing 20.8 percent decline. December 2022 sales reached 37,259 units. Historically, December sales performance is the highest in any month of the year.

Of total January sales, Toyota Motor Philippines Corp. accounted for 13,428 units followed by Mitsubishi Motors Philippines Corp. with 5,000 units and Ford Motor Company Phils. Inc. with 2,107 units.

CAMPI President Atty. Rommel Gutierrez said that “the double-digit sales growth of 42.1% recorded in January, coming from a year-on-year robust growth performance in 2022 is a good development momentum for the auto industry as we start the year.”

“The auto industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market. On the other hand, the supply-side challenges are also an important factor that the industry is mindful of as this may hamper the industry growth,” he added.

He also said that “the auto sales sustained growth or exceeded the last year’s record is not always clear-cut as our overall economic health and activity depends on various economic key indicators.”