Automotive sales in the Philippines picked up 23.3 percent in July to 36,951 units from 29,967 units that were delivered in the same month last year, on strong demand from the expanding middle class, data from two industry groups show.
The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report that combined sales of their members also increased 18.3 percent in the first seven months to a record 233,115 units from 197,447 units a year ago. The figures excluded those announced by other industry groups.
“We remain cautious as we enter the second half of the year. While monthly vehicle sales appear to continue to be strong, our initial overall market outlook for the year has not changed. As the original sales target by year-end looks achievable, we will continue to be vigilant with actual vehicle sales in the coming months,” said Campi president Rommel Gutierrez.
Sales of passenger cars went up 13.1 percent in July to 12,701 units from 11,230 vehicles sold in the same month in 2016.
The commercial vehicle segment registered a 29.4-percent increase to 24,250 units from 18,737 units that left the dealerships in July last year.
Data showed that on a month-on-month basis, vehicle sales slowed 1.8 percent from 37,631 units delivered in June 2017. Passenger car and light commercial vehicle sales both went down by 7.1 and 1.8 percent, respectively.
Toyota Motor Philippines Corp. cornered 44.1 percent of total sales in July, followed by Mitsubishi Motors Philippines Corp. with 17.65-percent market share.
Ford Motor Company Philippines Inc. landed third with 8.44 percent, while Isuzu Philippines Corp. had 6.96 percent and Honda Cars Philippines Inc. took 6.78 percent.