The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said it is “convinced and confident” that car sales will exceed its forecast of 336,000 units this year after sales in November grew 32.4 percent year-on-year.
A joint report released by Campi and the Truck Manufacturers Association (TMA) showed that vehicle makers sold 35,037 units in November, higher than last year’s 26,456 units.
As demand for cars continues to grow, Campi President Rommel Gutierrez said the automotive industry is convinced that it will surpass its sales forecast for 2022.
“The auto sales performance has been improving, recording double-digit growths for nine successive months. With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year”, Gutierrez said.
Data from Campi-TMA also showed that from January to November, vehicle sales reached 315,337 units, 31 percent higher compared to the 240,642 units sold in the same period last year.
Meanwhile, on a monthly basis, data indicated that car sales increased by 9 percent from the 32,146 units sold in October.
“The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth”, Gutierrez added.
Among all the vehicle segments, trucks and buses performed poorly in January, November 2022.
In contrast, the light commercial vehicle, commercial vehicle, and Asian utility vehicle segments posted gains in November.
Sales of trucks and buses fell by 19.2 percent to 831 units in January to November from the 1,028 units sold in the same period last year.
Toyota Motor Philippines Corp. led year-to-date sales with 156,874 units, followed by Mitsubishi Motors Philippines Corp. with 46,692 and Ford Motor Company Phils. Inc. with 21,450 units.
Last month, Gutierrez stressed that the “sustaining growth trend” in the remaining months of the year “gives us confidence that the industry will be able to emerge strong, exceeding its forecast speaking from the current business-as-usual standpoint.”
In June, Campi said the automotive industry recovery is progressing as new motor vehicle sales reached an upward growth trajectory driven by pent-up demand from consumers amid the “less than ideal economic conditions.”
In 2021, the automotive industry sold 268,488 units. Meanwhile, in 2020, Campi said total vehicle sales reached 223,793. Local car dealers said in January that they are bullish on the industry’s prospects for this year, as vehicles rose by 20 percent in 2021 despite the challenges brought by the pandemic.
Image credits: Randy S. Peregrino