Vehicle sales jump 27% in June

NEW VEHICLE SALES in the Philippines increased by 27% in June as many Filipinos continued to spend on big-ticket items, an industry group said.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed auto sales climbed to 36,311 units in June, from 28,601 units sold in the same month last year.
“The auto industry has maintained double-digit positive growth anew at 27% in June — a reflection of improved consumer spending for big-ticket items amidst the significant market for new motor vehicle sales, the main growth anchor of the industry,” CAMPI President Rommel R. Gutierrez said in a statement.
Month on month, June vehicle sales fell by 4.9% from the 38,177 units sold in May.
In June, commercial vehicle sales jumped by 29.2% year on year to 27,325. Month on month, sales dipped by 3.7% from 28,385 in May.
The segment’s sales were led by light commercial vehicles, which rose by 32.3% to 21,555, and Asian utility vehicles (AUV), up by 20% to 4,864.
On the other hand, passenger car sales increased by an annual 20.5% to 8,986 in June. However, this was 8.2% lower than the 9,792 units sold in May.
For the first half of the year, vehicle sales increased by 30.7% to 202,415 from 154,874 in 2022.
This was driven by the double-digit rise in sales of both passenger cars and commercial vehicles.
Commercial vehicle sales jumped by 30.8% to 151,567 in the first six months, as sales of light commercial vehicles went up by 26.8% to 117,075. AUV sales also increased by 54.8% to 29,272 during the six-month period.
Passenger vehicle sales increased by 30.4% to 50,848 units sold.
Among car brands, Toyota Motor Philippines Corp. had the highest first-half sales with 93,575 or equivalent to a 46.23% market share.
Mitsubishi Motors Philippines Corp. had the second most car sales with 37,001 (18.28% share); followed by Ford Motor Co. Phils., Inc. with 13,838 (6.84% share); Nissan Philippines, Inc. with 13,196 (6.52% share); Honda Cars Philippines, Inc. with 8,668 (4.28% share); and Suzuki Phils., Inc. with 8,615 (4.26% share).
The strong sales in the first half is a good sign the industry can meet its 2023 sales target of 395,000 units, Mr. Gutierrez said.
“The CAMPI-TMA sales of 202,415 units recorded year-to-date, equivalent to 30.7% increase from the same period a year ago, sends a strong signal of sustained optimism for the industry as we welcome the second half of the year. Maintaining this level of growth on a monthly basis, the industry has indeed high hopes of achieving or even exceeding its sales target for this year,” Mr. Gutierrez said. — RMDO