Vehicle sales zoom in Q1

MANILA, Philippines - Vehicle sales accelerated nearly a quarter in the first three months this year after a strong recovery in March, automotive makers said.

A joint report released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) yesterday showed sales from January to March zoomed 23 percent to 94,026 units from 76,473 units in the same period last year.

After slowing down in February, vehicle sales switched to a higher gear in March and recorded a 32.9-percent year-on-year increase to 36,561 units.

CAMPI and TMA said both the passenger car and commercial vehicle segments had robust sales due to new model introductions, aggressive marketing promotions and attractive financing offers.

Passenger car sales posted a seven-percent year-on-year jump to 31,951 units, while commercial vehicle sales saw a 33-percent increase to 62,075 units.

Commercial vehicles accounted for 66.02 percent of the total sales during the three-month period, while passenger cars made up 33.98 percent.

“The Philippine automotive industry has, thus far, continue the path of motorization. While the first quarter performance gives us reason to be optimistic, we are still cautious about our own target for the year,” CAMPI president Rommel Gutierrez said.

For the period, Toyota Motor Philippines Corp. remained the industry’s market leader with a 43-percent share.