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Manila Bulletin devider Business devider Trade & Industry devider Car industry ends H1 with record 31% sales increase

Car industry ends H1 with record 31% sales increase

Published Jul 11, 2023 03:29 am
The domestic car industry finished the first half of the year with a record 30.7 percent increase in sales, reflecting strong consumer spending for big ticket items, a joint  report of the  Chamber  of  Automotive  Manufacturers of  the  Philippines  Inc. (CAMPI)  and  Truck  Manufacturers  Association  (TMA)  showed. The first half total sales was boosted by new  motor  vehicle sales for June with 36,311 units, or a 27-percent increase compared with  28,601 units in the same period a year ago. CAMPI President Atty. Rommel Gutierrez noted that the auto industry’s double-digit growth is a reflection of improved consumer spending for big-ticket items as inflation continues to ease up. Based on the CAMPI-TMA data, the June sales have brought the total first semester sales  to 202,415  units  or 30.7 percent increase from the 154,874 units sold in the same period a year ago. Of total sales, the commercial vehicle (CV) segment accounted for the bulk of sales at 151,567 units or 39.8 percent higher than the 225,872  units sold in the same January-June period last year. The CV segment accounted for 74.88 percent share of total sales. The passenger car (PC) segment sold a total of 50,848 units or 30.4 percent higher than same period last year. The PC segment is just 25.4 percent or one-fourth of total local vehicle market. The biggest sales contributors in the first half this year were Toyota Motors Corp. with total sales of 93,575 units for a market share of 46.23 percent. Mitsubishi Motors Phils. followed with 37,001 units sold and Ford Motor Philippines to complete the top three with sales of 13,838 units. “This sends a strong signal of sustained  optimism  for  the  industry  as  we  welcome  the  second  half  of the  year. Maintaining this level of growth on a monthly basis, the industry has indeed high hopes of achieving or even exceeding its sales target for this year,” said Gutierrez. Members of CAMPI and TMA aim to grow their sales by 10 percent to 15 percent this year, with sales projected at 395,000 units.
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