The automotive industry is eyeing 10 to 15 percent growth in sales this year, surpassing pre-pandemic levels in terms of number of units, according to an executive of market leader Toyota Motor Philippines Corp.
Rommel Gutierrez, TMP first vice president, told reporters at the company event on Monday this is despite supply and interest rate challenges experienced by the industry.
“We are optimistic growth will continue this year. We have seen the trajectory of sales growing last year in fact January was a good indicator of what is to come this year,” Gutierrez said, referring to the 29,499 units sold for the first month of 2023, or a 42 percent increase from 20,765 units in the same month last year.
“We are certain to hit pre-pandemic level this year. I am sure there is pent up demand and the supply continues to improve and in fact we have many models coming this year. That will really boost the sales for all brands. All brands are really preparing this year’s full recovery,” Gutierrez said.
He said the industry anticipates supply to improve this year, as it sees positive signs as early as January.
Supply issues due to the shortage in micro chips have affected delivery of some models especially those from Japan.
Higher interest rates affecting automotive loans is another challenge, according to Gutierrez. – Irma Isip
