Vehicle sales are on a 17-month year-on-year growth streak adding 37,086 units in July.
This is a 2 percent increase from 36,311 units sold in June and a 33 percent growth from 27,813 units in July 2022.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed total new motor vehicle sales in the first seven months of 2023 surged 31 percent to 239,501 units from 182,687 units in the same period in the same period in 2022.
Rommel Gutierrez, Campi president, said the industry hopes to maintain the positive growth trend as sales of new motor vehicles recorded a continued year-on-year growth for the past 17 consecutive months or since March 2022.
“The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation,” Gutierrez added.
He said this inspires the players to expand their product and service offerings to consumers and businesses.
The Campi-TMA report showed passenger car sales rose 33 percent to 60,357 units from 45,349 units last year and accounting for 25 percent of total sales.
Sales of commercial vehicles accounted for the bulk of 75 percent at 179,144, up 30 percent from 137,338 units last year.
Sales of trucks and buses stood at 2,201 units for Category 4 and 565 units for Category 5.
Toyota Motor Philippines Corp. took 46 percent of the market with 110,158 units sold which is an increase of 17 percent from 94,026 units in 2022.
At second is Mitsubishi Motor Philippines Corp. whose sales surged 70 percent ti 43,831 units from 25,761 units last year.
Rounding up the top five are: Ford Motor Co. Philippines Inc., 16,661 units; Nissan Philippines Inc., 15,674 units and; Suzuki Philippines Inc., 10,174 units.
