Vehicle sales up 42% in January

Vehicle sales in the country welcomed the year with an over 40 percent increase, continuing the double-digit growth momentum in 2022.

Latest data from Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales reached 29,499 units in January, a 42.1 percent increase from the 20,765 units in the same period a year ago.

CAMPI president Rommel Gutierrez described the January figures as a good development momentum for the auto industry as it starts the year.

“The auto industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market,” Gutierrez said.

“On the other hand, the supply-side challenges are also an important factor that the industry is mindful of as this may hamper the industry growth,”Gutierrez said.

Commercial vehicle sales led the increase in January, posting a 46.8 percent jump to 21,993 units from 14,981 units in January last year.

This accounted for a 74.56 percent share of total vehicle sales in January.

Similarly, passenger vehicle car sales grew 29.8 percent to 7,506 units, accounting for a 25.44 percent share of the total sales.

Toyota Motor Philippines Corp. remained the market leader in January with a 45.52 percent share as it sold 13,428 units.

Mitsubishi Motors Philippines Corp. ranked second with a 17.05 percent share while Ford Motor Co. Phils. Inc. had a 7.14 percent share.

Nissan Philippines Inc. landed in the fourth spot with a 6.37 percent market share. Honda Cars Philippines Inc. closed the top five with a 5.56 percent market share.

In 2022, vehicle sales in the country surpassed the industry’s target of 336,000 units, selling a total of 352,596 units or an increase of 31 percent from the previous year.

Gutierrez said earlier that the exceeded target is strong evidence that the industry has recovered from the impact of the pandemic and other external challenges.