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Thursday, July 25, 2024

Car sales rose 33% in July, extended growth to 17 months

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Vehicle sales grew 33.3 percent in July 2023 to 37,086 units from 27,813 in the same month last year, two industry groups said Tuesday.

The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report all automotive segments posted incremental increases in July.

Vehicle sales also went up by 2.1 percent from 36,311 units sold in June 2023.

CAMPI president Rommel Gutierrez said “the auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation.”

“In fact, the auto industry is sustaining its positive growth trend as sales of new motor vehicles recorded a continued year-on-year growth for the past 17 consecutive months—since March 2022. The industry hopes to maintain this trend for the year,” he said.

Passenger car sales went up by 49.8 percent to 9,509 in July from 6,346 units a year ago and 5.82 percent from 8,986 units in June 2023.

Commercial vehicles sales grew 28.5 percent to 27,577 from 21,467 units last year. All categories under the commercial vehicle segment registered incremental sales increases.

Month-on-month sales of commercial vehicles went up 0.9 percent from 27,325 units in June.

Total sales in the first seven months reached 239,501 units, up by 31.1 percent from 182,687 delivered in the same period in 2022.

Passenger cars sold in the seven-month period went up by 33.1 percent to 60,501 from 45,349 units a year earlier, while commercial vehicles sales increased 30.4 percent to 179,144 from 137,338 units.

Toyota Motor Philippines led the market with 45.99-percent share, followed by Mitsubishi Motor Philippines Corp. with 18.30 percent.

Completing the top 5 are Ford Motor Philippines Company Inc. with 6.94-percent market share, followed by Nissan Philippines Inc. with market share of 6.54 percent.

Suzuki Philippines Inc. displaced Honda Cars Philippines Inc. on fifth place with 4.25 percent market.

“The auto industry is truly inspired to expand its product and service offerings to the consumers and businesses alike as seeing this continued growing demand for new motor vehicles is indeed a welcome and significant part of growth development,” Gutierrez said.

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