Vehicle sales up 29.5% in 9 months

MANILA, Philippines — Vehicle sales in the country continued to post double-digit sales growth in the three quarters of the year, driven by the demand for new motor vehicles, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA).

In a joint report released yesterday, CAMPI-TMA said year-to-date total new motor vehicle sales increased by 29.5 percent to 248,154 units.

Based on CAMPI data, the industry posted double-digit growth for seven consecutive months on a year-on-year basis.

Month-on-month, CAMPI-TMA sales jumped by 64.2 percent to 35,282 units.

Commercial vehicle sales increased by 83.1 percent to 27,306 units.

Similarly, passenger vehicle sales also posted double growth at 21.2 percent, to 7,976 units.

CAMPI president Rommel Gutierrez attributed the overall growth to the increased demand for new motor vehicles.

“The automotive industry foresees a continued growth in the latter part of the year, benefitting from the improving economy based on the recent growth forecast of 6.5 percent this year – attributed to strong domestic demand and continued easing of pandemic restrictions,” Gutierrez said.

From January to September, CAMPI-TMA’s commercial car sales grew by 44 percent to 188,096 units.

In contrast, passenger vehicle sales declined by 1.5 percent to 60,058 units.

Toyota Motor Philippines Corp. remained the market leader as of the end of September, with a 50.33 percent share.

Mitsubishi Motors Philippines Corp. placed second with a 14.16 percent share, while Ford Motor Co. Phils. had a 6.55 percent share.

Gutierrez earlier said the automotive industry is on track to meet its 336,000 unit sales target this year.

He previously explained that the industry reached monthly sales of above 30,000 units – a pre-pandemic monthly performance level last recorded in 2019.

Pre-pandemic annual sales were at the 400,000-plus units level.

“It’s really a good sign. We think it’s just a matter of time that… maybe next year we will be able to reach the pre-pandemic levels,” Gutierrez said.