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May auto sales jump 44.8%

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Tuesday that year-on-year automotive vehicle sales for May grew by 44.8 percent. The joint report of CAMPI and TMA shows that vehicle sales in May 2023 increased to 38,177 units from 26,370 units a year ago. ‘The growth of new motor vehicle sales in May with nearly 45 percent increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year,’ CAMPI president Rommel Gutierrez said. Both passenger car and commercial vehicle segments posted a growth of 40.6 percent and 46.3 percent, with sales of 9,792 and 28,385 units, respectively. Compared with the previous month, auto sales also improved by 24.6 percent from 30,643 units in April this year. Meanwhile, local vehicle assemblers’ sales from January to May this year rose 31.5 percent to 166,104 units from 126,273 units in the same period in 2022. Passenger car sales increased to 41,862 units in the first five months of the year, 32.7 percent higher than the 31,546 unit sales a year ago. Commercial vehicle sales, which account for 75 percent of the industry’s sales, grew by 31.2 percent to 124,242 units in January to May this year from 94,727 units in the same period in 2022. ‘The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible,’ Gutierrez said. He said the industry welcomes the country’s sustained economic improvement that would boost consumer confidence and market conditions. The top industry players from January to May are Toyota, Mitsubishi, Ford, Nissan, and Honda.

Source: Philippines News Agency