NextGen Day

The ninth month in a row that local car manufacturers have seen double-digit volume growth was November, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

According to a joint report from CAMPI and TMA, 35,037 vehicles were sold in November 2022, up 32.4% over the 26,456 vehicles sold in November 2021.

Commercial vehicle sales increased the most last month, up 43% from the 18,251 units sold the previous month.

20,211 units of light commercial vehicles were sold in the commercial vehicle market, followed by 4,983 Asian utility vehicles, 537 light trucks, 337 trucks and buses in category 4, and 83 trucks and buses in category 5.

Sales of passenger cars increased marginally in November, rising 8.8% from 8,205 to 8,931 units.

“Auto sales have been performing better, registering double-digit growth for nine months. The industry is adamant and confident in exceeding its sales projection of 336,000 this year because of the steadily expanding customer demand for new cars, according to CAMPI President Rommel Gutierrez.

From January to November of this year, local vehicle assemblers’ sales increased by 31% to 315,337 units from 240,642 units during the same period in 2021.

Commercial vehicles sold 238,054 units out of the total sales in the first 11 months of the year, while passenger cars sold 77,283 units.

Sales for the industry as a whole have been driven by the commercial vehicle segment, which has seen a growth of 45.3 percent, while the passenger car market has seen a growth of 0.6 percent.

“The automobile sector emphasizes the significance of unmet consumer demand, which is underpinned by ongoing economic recovery and increases consumer and company confidence. These are crucial elements for long-term prosperity, coupled with the containment of the pandemic, said Gutierrez.

For the previous 11 months, Toyota, Mitsubishi, Ford, Nissan, and Suzuki were the top automobile producers in the nation.

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