time-lapse photo of road and cars

Auto industry records double-digit growth for 7 consecutive months

The local automotive industry sales grew a significant 64.2 percent in September, its seventh consecutive month of double-digit growth this year, with Toyota Motor Philippines now accounting for over 50 percent share of the local market.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed total new motor vehicle sales for September reached 35,282 units, equivalent to 64.2 percent growth compared with 21,493 units sold in the same period a year ago.

The CAMPI-TMA has recorded a year-on-year double-digit growth for seven consecutive months.

Year-to-date, CAMPI-TMA sold 248,154 units, equivalent to 29.5 percent growth compared with the same period last year.

For the first seven months, the commercial vehicle segment grew 44 percent with sales reaching 188,096 units from 130,623 units in the first seven months in 2021. But, the passenger car segment declined by a minimal 1.5 percent to 60,058 units versus 60,982 units sold in the same period last year.

Except for large trucks and buses (Category V), all commercial vehicle segments were positive led by light commercial vehicles or the sports utility vehicles, which grew 48 percent to 148,706 units from 100,464 in the January-September sales in 2021.

Sales of Asian utility vehicles also went up by 38.8 percent to 32,186 units versus 23,187 units same period last year.

Light trucks and Category IV trucks and buses improved their sales by 5.1 percent and 9.2 percent, respectively.

Notably, Toyota Motor Philippines contributed 124,884 units of total sales or 50.33 percent market share for the first seven months, widening its market from 48.18 percent in the same period in 2021.

Mitsubishi Motors Philippines maintained its second ranking with 35,139 units sold or 14.16 percent share followed by Ford Motor Company Philippines with 16,244 units or 6.55 percent share, and Nissan Philippines Inc. with 16,068 units or 6.48 percent share.

Suzuki Phils. Inc. completed the first five with 14,475 units or 5.83 percent share.

CAMPI President Atty. Rommel Gutierrez said “the automotive industry continues its growth momentum in the latter part of the year, benefitting from the improving economy based on the recent growth forecast of 6.5 percent this year – attributed to strong domestic demand and continued easing of pandemic restrictions.”

Article from Manila Bulletin


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