The automotive industry exceeded its sales target in 2022, rising 31 percent from 2021.
The industry is yet to go back to pre-pandemic sales level in 2019 when it sold 369,941 units.
December sales hit the highest monthly sales in more than four years.
A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed vehicle sales last year reached 352,596 units from 268,488 units in 2021, and surpassing by 5 percent the goal of 336,000 units for the year.
“(This is a) strong evidence that the industry has recovered from the impact of the pandemic and other external challenges,” said Rommel Gutierrez, Campi president.
Gutierrez said sales in December hit 37,259 units, equivalent to 33.8 percent growth compared with 27,846 units recorded in the same month in 2021.
“It is worth mentioning that the 37,000-level figure was recorded back in 2017. Achieving it again brings us renewed optimism for a better year ahead for the auto industry,” Gutierrez said.
He added: “The continued expansion of the economy, creation of new jobs and opportunities is just as important as ensuring that no pandemic disruption occurs anew this year. Nonetheless, the industry will continue to capitalize on the growing market demand for new motor vehicles.”
Commercial vehicle sales soared 45.6 percent to 266,699 units in 2022, from 183,228 units in 2021 and accounting for 75.6 percent of the market.
In contrast, sales of passenger cars were flat at 85,897 in 2022 from 85,260 units the previous year.
Sales of trucks and buses under Category IV inched up 4.6 percent last year to 3,865 units from 3,695 units in 2021 while those under Category V fell 21 percent in 2022 to 58 units from 82 units the previous year.
Sales of market leader Toyota Motor Philippines Corp. grew slightly faster than industry, at 35 percent, selling 174,106 units in 2022 from 129,667 units in 2021. That is equivalent to a market share of 49 percent.
Mitsubishi Motor Philippines Corp. followed with sales of 53,211 units.
Rounding up the top three is Ford Motor Co. Philippines Inc. which sold 24,710 units.
