THE auto industry notched an 18-percent growth after players sold some 233,000 vehicles from January to July compared to 197,447 units that rolled out of showrooms in the same period last year.
With five more months to go, the local auto industry has already achieved 64 percent of last year’s total sales of 359,572 units. The figure also puts the industry well on its way to achieve the 2017 target of 430,000 to 450,000 units.
According to a joint statement by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association, car sales reached 36,951 units in July alone.
That figure reflects a 23.3-percent growth from the same month last year.
The passenger car segment recorded 12,701 units sold, a 13.1-percent increase over the 11,230 units sold during the same month in 2016. The commercial vehicle segment registered a 29.4-percent increase year-on-year, with 24,250 units sold compared to the 18,737 units sold on the same month last year.
“As the original sales target by year-end looks achievable, we will continue to be vigilant with actual vehicle sales in the coming months,” Campi President Rommel Gutierrez was quoted in a statement as saying.
As of July, Toyota Motor Philippines Corp. remains the market leader with a 44.1-percent share of the market, followed by Mitsubishi Motors Philippines Corp. with a 17.65-percent share.
Ford Motor Co. Philippines Inc. landed third with an 8.44-percent share, while Isuzu Philippines Corp. follows with 6.96 percent. Honda Cars Philippines Inc. trails the vendor list with a 6.78-percent market share.