Vehicle sales accelerate by 17% in H1

Sales of local car and truck assemblers increased by 16.7 percent in the first six months of the year, driven by pent-up demand from consumers.

In a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released yesterday, the groups said year-to-date total new motor vehicle sales reached 145,874 units as of end-June, higher than the 132,767 units in the same period last year.

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

On a month-on basis, CAMPI-TMA sales jumped by 26.8 percent in June to 28,601 units.

Passenger car sales grew went up one percent to 7,457 units from 7,382 units in the same period last year.

Similarly, commercial vehicle sales jumped by 39.4 percent to 21,444 units from 15,168 units in the same month last year.

“The automotive industry recovery is progressing as new motor vehicles sales reached an upward growth trajectory in June driven by the pent-up demand from consumers amid the less than ideal economic conditions recorded in the same period,” said CAMPI president Rommel Gutierrez.

“The industry is optimistic it will sustain motor vehicle sales in its current pre-pandemic trendline in the coming months, albeit challenging amid the ongoing headwinds to the economic recovery, which continue to affect consumer confidence and overall employment,” Gutierrez said.

For first half, CAMPI-TMA’s commercial car sales increased by 28.2 percent to 115,871 units from 90,361 units a year ago.

In contrast, passenger vehicle sales declined by eight percent to 39,003 units from 42,406 units.

Toyota Motor Philippines Corp. remained the market leader as of end-June with a 51.71 share.

Mitsubishi Motors Philippines Corp. placed second with a 13.39 percent share, while Nissan Philippines Inc. came in third with a 7.22 percent share.

Suzuki Philippines Inc. got the fourth spot with a 6.39 percent share, followed by Ford Motor Co. Philippines Inc. in fifth place with a 5.78 percent share.