The local automotive market showed signs of recovery and stability as sales rebounded 8.7 percent in June to 31,950 units from 29,395 vehicles sold a year ago, two industry groups said Thursday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said sales also picked up from 30,998 deliveries in May this year.
“We remain very optimistic that the local auto industry is already on a path of steady growth after we conclude the first half of the year on a positive note,” said Campi president Rommel Gutierrez.
Data from the two groups showed that automobile sales in the first half increased 1.46 percent to 174,135 units from 171,635 units in the same period last year. The numbers excluded the sales of other industry groups.
Sales of passenger cars jumped 22 percent in June to 9,532 units from 7,811 units a year earlier while demand for commercial vehicles rose 3.9 percent to 22,418 units from 21,584 units.
Total sales of passenger cars in the first half declined 5.4 percent to 52,418 units from 56,029 units in the same period in 2018 while sales of commercial vehicles grew 5.3 percent to 121,717 units from 115,706 units.
Car manufacturers said Filipinos car purchase decision-making in the first half was heavily influenced by economic factors such as rising oil prices, unstable inflation rate and the application of excise tax on vehicles.
“The automotive brands’ collective efforts, highlighted by fleet sales, good financing deals and model updates and upgrades show that we have learned to adjust and adapt to market conditions thus helping consumers acquire new vehicles with fewer hurdles,” Gutierrez said.
Toyota, Mitsubishi and Nissan were the top sellers in June. Brands such as Kia, Suzuki, Nissan and Toyota posted positive growth in sales during the month.
Most Campi members expressed optimism they would sustain the growth in sales in July.