Coming from strong performance in 2022, the automotive industry opened 2023 with a 42 percent increase in sales.
January sales stood at 29,499 units in January from 20,765 units in the same month last year, a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association showed.
Last month’s sales were, however, 21 percent lower than the 37,259 units in December.
“The double-digit sales growth of 42.1 percent recorded in January, coming from a year-on-year robust growth performance in 2022 is a good development momentum for the auto industry as we start the year,” said Rommel Gutierrez, CAMPI president.
Gutierrez said the automotive industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market.
However, Gutierrez said the industry continues to be mindful of the supply-side challenges.
He added the overall economic health and activity of the industry depends on various economic key indicators.
Sales of passenger cars rose 30 percent to 7,506 units from 5,784 last year. That is the equivalent of 25 percent of the market.
Sales of commercial vehicles jumped 47 percent to 21,933 units from 14,981 units a year ago, and accounting for 75 percent of the market.
Sales of light trucks increased 11 percent to 370 units; trucks and buses (Category IV) rose 8 percent to 235 units and; trucks and buses (Category V) fell 48 percent to 44 units.
Leading all automotive companies is Toyota Motor Philippines which sold 13,428 units or 45 percent of the market and an increase of 36 percent from 9,877 units in January 2022.
