Sales of motor vehicles accelerated 44.8 percent in May from a year ago on strong market demand, two industry groups reported Tuesday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report automotive sales reached 38,177 in May, up from 26,370 units a year ago.
“The growth of new motor vehicle sales in May with nearly 45-percent increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year,” CAMPI president Rommel Gutierrez said.
“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor towards an economic and market conditions that are favorable for the industry and consumers alike,” he said.
Data showed that passenger car sales climbed 40.6 percent in May to 9,792 from 6,964 units a year ago. Month-on-month sales also rose 33.83 percent from 7,317 units in April 2023.
This brought total passenger cars sold from January to May to 166,104 units, up by 31.5 percent from 126,273 units delivered in the same period last year.
Meanwhile, commercial vehicle sales grew 46.3 percent in May to 28,385 units from 23,323 units a year earlier. Month-on month also increased 21.7 percent from 23, 326 units in April.
Commercial vehicles sold from January to May totaled 124,242 units, up by 31.2 percent from last year’s 94,727 units.
“The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible,” said Gutierrez.