Automobile sales in February increased by 27%.
Local automakers sold 30,905 units in February of this year, 27.2 percent more than they did in the same month in 2022 when they sold 24,304 units, according to data released on Monday by the Truck Manufacturers Association (TMA) and the Chamber of Automobile Manufacturing of the Philippines, Inc.
Both the sales of passenger cars and commercial vehicles increased year over year.
From 5,914 units in February 2022 to 7,189 units in February 2023, passenger automobile sales climbed by 21.6 percent.
In the same comparison period, commercial vehicle sales increased by 29% to 23,716 units from 18,390 units.
Sales in the industry increased for the first two months of the year by 34%, from 45,069 units in January to February 2022 to 60,404 units.
The passenger car segment’s year-to-date sales grew by 25.6 percent to 14,695 units from 11,698 units.
On the other hand, sales of commercial vehicles increased by 37%, from 33,371 units in January to February of last year to 45,709 units in January to February of this year.
“Members of CAMPI and TMA continue to be optimistic that sales will increase by another 10 to 15 percent, approaching the 395,000-unit sales level in 2023 from the actual sales of 352,596 units reported last year. Positive varied economic indicators are pervasive, enhancing the economy’s outlook overall and driving up consumer demand for new cars, according to CAMPI President Rommel Gutierrez, in a statement.
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