Vehicle sales crossed the 200,000 mark and sustained their double-digit growth in the first half of the year.
A joint report by the Chamber of Automotive Manufacturers of the Philippines. Inc. (Campi) and Truck Manufacturers Association yesterday showed sales stood at 202,415 units, a 31 percent increase from 154,874 units in the first semester of 2022.
Rommel Gutierrez, Campi president, said in a statement this sends a strong signal of
sustained optimism for the industry.
In June alone, sales reached 36,311 units, equivalent to a 27- percent increase compared with 28,601 units recorded in the same period a year ago.
“Maintaining this level of growth on a monthly basis, the industry has indeed high hopes
of achieving or even exceeding its sales target for this year,” said Gutierrez.
The groups target a 10 to 15 percent increase in sales this year from 352,596 units in 2022.
Gutierrez said the continued double-digit growth rate posted by the industry is a reflection of improved consumer spending for big ticket items amidst the significant market for new motor vehicle sales, the main growth anchor of the industry.
“Rightfully so, demand for motor vehicles that respond to the needs of the customers will
yield strong gains for the industry,” he added.
Sales of passenger cars in January to June went up 30.4 percent to 50,848 units from 39,003 units in the same period in 2022, accounting for 25 percent of total sales.
The bulk of 75 percent were commercial vehicles whose sales jumped 30.8 percent to 151,567 units from 115,871 units last year.
Toyota Motor Philippines Corp. (TMP) continued to lead assemblers with 93,575 units sold and a market share of 46 percent. TMP sales rose 17 percent from 80,090 units in 2022.
Mitsubishi Motor Philippines Corp. came in at second with 37,001 units sold while Ford Motor Co. rounded up the top three with sales of 13,838 units. Irma Isip
