Motor vehicle sales rose 31 percent to 315,337 units in the first 11 months of the year from 240,642 units in the same period in 2021.
With a month remaining, an official expressed confidence the industry will exceed its sales forecast of 336,000 this year.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association showed total new motor vehicle sales for November alone grew 32 percent to 35,037 units from 26,456 units in the same month in 2021.
This represents a 9 percent increase from 32,146 units in October.
This also marks the ninth consecutive month of double-digit increase in sales.
“The auto sales performance has been improving, recording double-digit growths for 9 successive months. With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year,” said Rommel Gutierrez, Campi president.
Gutierrez added: “The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth.”
Nine-month sales of commercial vehicles (CVs) soared 45 percent to 238,054 units from 163,829 units last year and represented more than two-thirds of the industry’s sales.
Light CVs accounted for a big chunk of CV sales at 187,101 units, and a 48.5 percent increase from 125,981 units sold last year.
Passenger cars sales inched up 0.6 percent at 77,283 units from 76,813 units. – Irma Isip
