Politics

Vehicle sales post double-digit growth for 9th straight month

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Vehicles are stuck in traffic along EDSA, Cubao in Quezon City, Aug. 18. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE AUTO INDUSTRY continued its strong recovery, posting double-digit sales growth for the ninth straight month in November.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed vehicle sales jumped by 32.4% to 35,037 units in November, from 26,456 in the same month in 2021. Month on month, vehicle sales grew by 9%.

“The auto sales performance has been improving, recording double-digit growth for nine successive months,” CAMPI President Rommel R. Gutierrez said in a separate statement.

Commercial vehicle sales rose by 43% to 26,106 in November from 18,251 units sold in the same month in 2021. It accounted for 74.51% of the industry’s total sales.

Month on month, commercial vehicle sales went up by 9.4%.

Broken down, sales of light commercial vehicles (LCVs) jumped by 43.9% year on year to 20,211 units, while sales of Asian utility vehicles (AUVs) increased by 52.4% to 4,938 units in November.

Sales of passenger vehicles climbed by 8.8% to 8,931 in November, from 8,205 units sold in the same month last year. Month on month, passenger vehicle sales rose by 7.68%.   

The auto industry is on track to hit its sales target this year.

CAMPI-TMA members posted a 31% increase in sales to 315,337 units in the January-to-November period, from 240,642 units a year ago.

“With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year,” Mr. Gutierrez said.

Commercial vehicles have driven the industry’s recovery, as it posted 45.3% year-on-year sales growth to 238,054 in the January-to-November period. Sales were led by LCVs, which jumped by 48.5% to 187,101 units sold, while AUV sales rose by 44.3% to 41,812 units.

Passenger car sales were flat, inching up by 0.6% to 77,283 units in the 11-month period.

“The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth,” Mr. Gutierrez said.

Among car brands, Toyota Motor Philippines Corp. dominated the industry with a 49.75% market share with 156,874 units sold in the January-to-November period.

Other top car manufacturers include Mitsubishi Motors Philippines Corp. with a 14.81% market share or 46,692 units sold, followed by Ford Motor Co. Phils., Inc. with a 6.80% share or 21,450 units sold; Nissan Philippines, Inc. with a 6.14% share or 19,373 units sold; and Suzuki Phils., Inc. with a 5.75% share or 18,118 units sold. — R.M.D.Ochave