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Manila Bulletin devider Business devider Trade & Industry devider Car sales increase by 11% in first semester

Car sales increase by 11% in first semester

Published Jul 12, 2024 05:42 am

Car sales increased in the first six months of the year with both the passenger car and commercial vehicle segments experiencing growth.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) revealed that total automotive vehicle sales reached 226,279 units from January to June 2024.

This figure was a 12 percent increase from the 202,415 units sold in the same period in 2023.

The sales of passenger cars registered an uptick of 17.8 percent, surpassing the growth rate of commercial vehicle sales, which stood at 9.8 percent.

Commercial vehicles dominated the market in the first half of the year, constituting 75 percent of total sales, while passenger cars made up the remaining 25 percent.

During this period, commercial vehicle sales spiked to 166,404 units from 151,567 units in the same period the previous year. 

Meanwhile, passenger car sales totaled 59,875 units in the first semester, up from 50,848 units a year ago.

In June, there was a 7.6 percent year-on-year increase in sales, reaching 39,088 units compared to 36,211 units. 

However, sales for June 2024 declined by 2.9 percent compared to May 2024, which recorded sales of 40,271 units.

CAMPI President Rommel Gutierrez attributed this decline to diminished consumer demand, delays in vehicle arrivals, and supply constraints for popular vehicle models.

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