The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) expressed optimism that the local auto industry would continue to expand, as motor vehicle sales in January went up by 42 percent year-on-year.
A joint report released by Campi and Truck Manufacturers Association (TMA) showed that new motor vehicle sales last month reached 29,499 units, higher than the 20,765 units recorded a year ago.
“The double-digit sales growth of 42.1 percent recorded in January, coming from a year-on-year robust growth performance in 2022 is a good development momentum for the auto industry as we start the year,” Campi President Rommel Gutierrez said in a statement.
However, while the auto industry is optimistic of its continued expansion due to the growing domestic consumer market, he said car makers must be mindful of “supply-side challenges” which could hamper growth.
On a monthly basis, data indicated that car sales fell by 20.8 percent from the 37,259 units sold in December 2022.
Among all the vehicle segments, Asian utility vehicle, commercial vehicle and light commercial vehicle posted gains last month.
In contrast, sales of trucks and buses fell by 48.2 percent year-on-year to 44 units in January, according to Campi-TMA data.
Toyota Motor Philippines Corp. led year-to-date sales with 13,428 units, followed by Mitsubishi Motors Philippines Corp. with 5,030 units and Ford Motor Company Phils. Inc. with 2,107 units.
In a statement last month, Campi and TMA said the industry’s performance last year is “strong evidence” that it has recovered from the pandemic and other external challenges.
A joint report released by the two groups showed new motor vehicle sales in December 2022 reached 37,259 units, a 33.8 percent growth compared with 27,849 units recorded in 2021.
Gutierrez said last month the December figure was the “highest monthly performance recorded,” which contributed in achieving its full year 2022 sales of 352,596 units.
He said the last time the industry sold 37,000 units was in 2017. Achieving it again, he said, gives the industry “renewed optimism” for 2023.
Data released by the two groups indicated that Campi-TMA sales alone have exceeded the total industry sales forecast of 336,000 units for 2022.
