Motor vehicle sales jumped 31.5 percent in the first five months of the year after a 45-percent increase recorded in May, a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed.
Year-to-date, Campi-TMA sold 166,104 units, from 126,273 units in the same period in 2022.
This brings the industry closer to its growth forecast for 2023, according to Rommel Gutierrez, Campi president. The groups project a 10 to 15 percent growth in sales this year from 352,596 units sold in 2022.
Gutierrez said the steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic.
May sales rose to 38,177 units from 26,370 units recorded in the same month a year ago with all segments recording double digit growth.
“The growth of new motor vehicle sales in May was definitively driven by the high market demand. The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor towards an economic and market conditions that are favorable for the industry and consumers alike,” Gutierrez said.
For the year, commercial vehicles sold 124,242 units, up 31.2 percent from 94,727 units in 2022 and accounting for 75 percent of total sales.
Passenger car sales rose 33 percent to 41,862 units from 31,546 units in 2022.
Toyota Motor Philippines Corp. led all sales with 77,194 units, an increase of 17.6 percent from 65,668 units sold in 2022 and a commanding 46 percent market share.
Mitsubishi Motor Philippines Corp., at second, recorded an impressive 86 percent growth in sales to 30,200 units from 16,209 last year and with a market share of 18 percent.
Rounding up the top three is Ford Motor Co. Philippines Inc. which sold 11,108 units as of May, accounting for 6 percent of total sales and an increase of 6.6 percent from 6,950 units a year ago.
