Philippine automotive sales increased 12.7 percent to 187,191 units in the first five months of 2024 from 166,104 in the same period in 2023, two industry groups said Tuesday.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint statement the industry in on track to achieving its sales target for the year.
CAMPI and TMA expressed optimism on posting record sales in 2024, with the growing demand for better-performing vehicles.
“Improvements in the supply and good consumer demand, coupled with an increase in automotive financial scheme and extensive sales activities, helped boost sales on a month-on-month basis,” said CAMPI president Rommel Gutierrez.
Passenger car sales from January to May grew 17.6 percent to 49,247 from 41,862 units, while commercial vehicle sales rose 11 percent to 137,944 from 124,242 units.
Month-on-month sales in May went up by 7.9 to 40,271 units from 37,314 in April. Passenger car sales increased 8.92 percent to 10,967 units in May from 10,069 in April, while commercial vehicle sales grew 7.6 percent to 29,304 from 27,245 units a month earlier.
Data showed that on a year-on-year basis, sales grew 5.5 percent from 38,177 units in May 2023. Passenger car sales went up by 12 percent from 9,782 units in May 2023, while commercial vehicle sales showed a growth of 3.2 percent from 28,385 units.