Car industry grows 24.6% in 2016, exceeds target

THE ended - crease in the number of vehicles sold com- Philippine automotive growth and various events and promotions continued to drive consumer demand.

In a joint report released on Tuesday, the Chamber of Automotive Manufactur the Truck Manufacturers Association industry of 359,572 units in 2016, up from the 288,609 units registered in 2015.

“We are very glad that we were able to surpass the target this year. Successful introductions of new models complemented by various events and promotions enabled us to meet the increasing customers’ demands

for the year of 329,300 units and is certain to meet the 2016 combined target with other industry players of 370,000 units, the report said.

the report said 133,188 units were sold during the year, an increase of 14.4 percent from the 2015 total sales of 116,381 units, while the Commercial sales of 226,384 units, representing a 31.4-percent increase from the 172,228 units sold in 2015.

- ippines Corp. retained its lead with a 44.14-percent share of the market. captured 17.08 percent market share while Ford Motor Co. registered 9.37 7.61-percent market share, and Honda market share.