Vehicle sales reached 30,643 units in April, 21.8 percent higher than the year-ago level of 25,149 units, according to a joint report released by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA).
Campi also expressed confidence that the local auto industry would be able to sell more vehicles like passenger cars until the end of the year.
“The improving economic indicators, which in fact remains favorable until the end of the year, according to a government report is an essential metric for the continued growth of the auto industry,” Campi President Rommel Gutierrez said in a statement on Monday.
Gutierrez noted that Campi members are responding to the growing needs of customers by offering a wider range of motor vehicle models.
On a monthly basis, however, data from Campi and TMA indicated that total vehicle sales fell by 16.9 percent to 30,643 units in April, from 36,880 units in March.
From January to April, vehicle sales jumped by 28.1 percent to 127,927 units, from the 99,903 units recorded a year ago.
Gutierrez said that as the economic outlook remains “favorable,” the auto industry is optimistic to attain full recovery from the pandemic-induced challenges, adding that the industry is poised to grow to “significant levels, even higher than the pre-pandemic figures.”
“It is worth noting that the industry has already recorded this growth trajectory in the past four months compared with the 2019 levels.”
Among all the vehicle segments, the Asian utility vehicle, passenger car, commercial vehicle, and light trucks posted gains last month.
In contrast, sales of trucks and buses fell by 3.7 percent year-to-date to 1,181 units from the 1,226 units recorded last year.
Toyota Motor Philippines Corp. led year-to-date sales with 59,328 units, followed by Mitsubishi Motors Philippines Corp. with 23,378 units, and Nissan Philippines, Inc. with 8,519 units.
Campi and TMA said last March that they remain optimistic that vehicle sales will further grow by 10 to 15 percent and hit the 395,000-mark this year from the actual sales of 352,596 units recorded in 2022.
According to Campi and TMA, their sales forecast for this year is higher than the pre-pandemic levels, second only to the industry’s performance in 2017 or a year prior to the implementation of excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
In an interview with reporters last February, the Campi chief said the industry is banking on pent-up demand and the “many models” that will be introduced to boost sales.