Vehicle sales rebounded 14 percent in March, putting the industry on the path of recovery this year, two industry groups said Tuesday.
The Chamber of Automotive Manufacturers Association of the Philippines Inc. and the Truck Manufacturers Association Inc. said in a joint report their members sold 32,173 units in March, up from 28,216 units delivered a year ago.
“The double-digit growth during the month of March compared to the same month last year is a strong indication that the automotive industry is well on its way to recovery. We are optimistic that this trend will be sustained in the coming months,” Campi president Rommel Gutierrez said in a statement.
Data showed that despite the strong March sales, total deliveries in the first quarter dropped 0.8 percent to 84,388 units from 86,037 units in the same period in 2018.
Passenger car sales fell 9.5 percent in the three-month period to 26,172 units from 28,907 units in the same period last year while commercial vehicle sales rose 3.7 percent to 59,216 units from 57,130 units.
Toyota Motor Philippines kept its position as the market leader with a 39.3-percent share of total sales. It was followed by Mitsubishi Motor Philippines Corp. with 18.9 percent and Nissan Philippines Inc. with 13.16 percent.
Honda Cars Philippines Inc. ranked fourth with a market share of 7.5 percent while Ford Motor Company Philippines Inc. was fifth with 6.51 percent.