Vehicle sales hit 276,215 units in the first eight months of the year, an increase of 30 percent from 21272 units in the same period in 2022, a report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed.
Rommel Gutierrez, Campi president, in a statement said year-to-date sales represent 70 percent of the 395,000 units sales forecast for the year.
“(This) is certainly giving optimism of a sustained and even stronger post-pandemic recovery for the auto industry,” Gutierrez said.
Sales in August went up 21.6 percent to 36,714 units from 30,185 units recorded in the same period a year ago but flat from 37,086 units in July 2023.
Gutierrez said the industry is mindful of the challenges brought by high inflation and its effect on the overall consumer confidence particularly for big-ticket items.
“This is not a welcome news to the consumers and industry alike if it will persist,” Gutierrez said.
Inflation in August quickened for the first time in seven months to 5.3 percent. Consumers tend to hold off big purchases to prioritize basic necessities.
In January to August, sales of passenger cars increased 35 percent to 70,451 units from 52,082 units a year ago and accounted for 25 percent of total sales.
The bulk was from sales of commercial vehicles which rose 28 percent to 205,764 units from 160,790 last year.
Toyota Motor Philippines Corp. continued to lead all assemblers with sales of 126,795 units, up 16.6 percent from 108,746 units in 2022 and a market share of 46 percent.
At second is Mitsubishi Motor Philippines Corp. which sold 50,439 units, a market share of 18.26 percent and an increase of 67 percent from 30,207 units last year.
Ford Motor Company Philippines Inc. rounded up the top three and sold 19,700 units, up 47.6 percent from 13,348 units in 2022.
