Vehicle sales are on track to full recovery to pre-pandemic levels this year.
This after sales reached 352,971 units in the first 10 months of the year, more than 80 percent of target and a 25.9-percent increase from 280,300 units sold in the same period in 2022, a joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed.
Sales in 2019 of Campi and TMA reached 369,941 units.
“We achieved 83 percent of our 2023 forecast in October. With sustained demand, we are confident that we can achieve 423,000 units sales by yearend,” said Rommel Gutierrez, president of Campi, in a statement.
In October, sales totaled 38,128 units, up 18.6 percent from 32,146 units in the same month in 2022.
Gutierrez said vehicle sales were sustained by aggressive marketing activities and supply improvement across all brands.
“Consumer appetite is high and sales are driven by continued pent-up demand, which is also supported by easier access to credit,” Gutierrez said.
Commercial vehicles accounted for 74 percent of total sales in the 10-month period, rising 25 percent to 262,875 units from 211,948 units a year ago.
Passenger car sales registered a faster growth of 32 percent to 90,096 units from 68,352 units last year.
Sales of trucks and buses totaled 9,231 units, which is 13 percent higher than the 8,184 units in 2022.
Toyota Motor Philippines Corp. continues to dominate the automotive market with 46 percent share and sales of 162,229 units.
Toyota was followed by Mitsubishi Motors Philippines Corp. with 18.5 percent share and sales of 65,192 units.
Rounding up the top five are Ford Motor Company Philippines Inc. , 26,003; Nissan Philippines Inc., 22,268 and Suzuki Philippines Inc., 15,062
In September, the industry breached the comparable 2019 January to September sales volumes by 3 percent, reaching 306,285 units and a 25 percent growth from 245,656 units in the same period last year. – Irma Isip
