Vehicle sales jumped 21.8 percent in April from a year ago on strong demand amid improving economic indicators and following the introduction of new models, two industry groups said Monday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report the local automotive sector continued to regain its footing by improving sales and performance.
Members of the two groups sold 30,643 vehicles in April, up from 25,149 units that rolled out of dealerships in the same month in 2022.
“The improving economic indicators which in fact remain favorable until the end of the year according to a government report is an essential metric for the continued growth of the auto industry. At the same time, this is perfectly timed with the market availability of a wider range of motor vehicle models being offered by our members, responding to the growing needs of customers,” said CAMPI president Rommel Gutierrez.
Data showed that passenger car sales increased 16.9 percent in April to 7,317 from 6,259 units sold a year ago, while commercial vehicle sales went up by 23.5 percent to 23,326 from 18,890 units.
This brought total sales in the first four months to 127,927 vehicles, up by 28.1 percent from 99,903 units bought in the same period in 2022.
Passenger car sales went up 30.5 percent in the first four months to 32,070 from 24,582 units a year ago, while commercial vehicle sales increased by 27.3 percent to 95,8577 from 75,321 units.
The two industry groups said, however, that month-on-month sales fell 16.9 percent in April to 30,643 from 36,880 units delivered in March.
Sales of passenger cars decelerated 27.25 percent to 7,317 from 10,058 units a month earlier, while commercial vehicle sales registered a decline of 13 percent to 23,326 form 26,822 units.
Gutierrez said the automotive industry remained confident for an upward trajectory following concerted efforts of stakeholders to give the best offers through new models, better promos and solid after-sales service to clients.
“As the economic outlook remains favorable, the auto industry is optimistic to attain full recovery from the pandemic-induced challenges—well-positioned to grow to significant levels, even higher than the pre-pandemic figures. It is worth noting that the industry has already recorded this growth trajectory in the past four months compared with the 2019 levels,” Gutierrez said.
Toyota Motor Philippines Corp. maintained its market leadership with 46.38-percent market share in the four-month period, followed by Mitsubishi Motor Phils. Corp. with 18.27 percent.
Nissan Philippine Inc. came in third with 6.65 percent, while Ford Motor Company Phils. Inc. and Honda Car Philippines Inc. placed fourth and fifth, with 6.31 percent and 4.61 percent, respectively.