The local automotive industry sustained its growth this year with a 42.1-percent increase in January sales to 29,499 from 20,765 units in the same month in 2022.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed the industry’s sustained rebound from the impact of the pandemic.
CAMPI president Rommel Gutierrez said the double-digit sales growth in January, following a robust performance in 2022, “is a good development momentum for the auto industry as we start the year.”
“The auto industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market. On the other hand, the supply-side challenges are also an important factor that the industry is mindful of as this may hamper the industry growth,” he said.
Passenger car sales grew by 25.44 percent in January to 7,506 from 5,784 units in the same month last year, while commercial vehicle sales surged 74.56 percent to 21,993 from 14,981 units.
Data showed that on a month-on-month basis, sales in January were down by 20.8 percent from 37,259 units in December sales because of the seasonal factor. Passenger car sales went down by 12.86 percent from 8,614 units while commercial vehicle sales decreased 23.2 percent from 28,645 units.
Toyota Motor Philippines remained the market leader with 45.52-percent market share in January, followed by Mitsubishi Motor Philippines Corp. with 17.05 percent; Ford Motor Company Philippines Inc. with 7.14 percent’ Nissan Philippines Inc. with 6.37 percent; and Honda Cars Philippines Inc. with 5.56 percent.
Gutierrez said that while sales were robust in 2022 and early 2023, there were variables that could affect the performance of the industry in the coming months.
“The auto sales sustained growth or having exceeded last year’s record is not always clear-cut as our overall economic health and activity depends on various economic key indicators,” he said.