The automotive industry is optimistic about growing faster than pre-pandemic rates in terms of sales this year despite a decline in April from the previous month.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) released yesterday showed total new motor vehicle sales for April 2023 reached 30,643 units, down 17 percent from 36,880 units in March .
From April 2022 sales of 25,149 units, last month’s sales represented a 22 percent increase.
Four-month sales ending April stood at 127,927 units, an increase of 28 percent from 99,903 units in the same period in 2022.
Rommel Gutierrez, Campi president, expressed optimism the improving economic indicators will remain favorable until the end of the year and said these are essential metrics for the continued growth of the auto industry.
The favorable condition, Gutierrez said, us perfectly timed with the market availability of a wider range of motor vehicle models being offered by Campi members, giving customers more choices while responding their growing needs.
“As the economic outlook remains favorable, the auto industry is optimistic to attain full recovery from the pandemic-induced challenges — well-positioned to grow to significant levels, even higher than the pre-pandemic figures. It is worth noting that the industry has already recorded this growth trajectory in the past four months compared with the 2019 levels,” Gutierrez added. Irma Isip
