NextGen Day

Sales of automobiles increased by 44.8% in May compared to the same month last year, according to data released on Tuesday by the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc.

According to the joint statistics from CAMPI and TMA, car sales jumped to 38,177 units in May 2023 from 26,370 units the previous month.

According to CAMPI president Rommel Gutierrez, “the growth of new motor vehicle sales in May with a nearly 45 percent increase is unquestionably driven by the high market demand, recording double-digit growths across all segments from the figures last year.”

With sales of 9,792 and 28,385 units, respectively, the passenger car and commercial vehicle divisions both experienced increases of 40.6 percent and 46.3 percent.

Automobile sales increased by 24.6 percent from 30,643 units in April of this year to the previous month.

Between January and May of this year, local vehicle assemblers’ sales increased 31.5 percent to 166,104 units from 126,273 units during the same period in 2022.

In the first five months of the year, passenger car sales grew to 41,862 units, a 32.7 percent rise over the 31,546 unit sales from the same period last year.

75% of the industry’s sales come from the sale of commercial vehicles, which increased by 31.2 percent to 124,242 units from 94,727 units from January to May of this year.

Attaining its growth forecast this year seemed even closer to reality and proved to be very achievable, according to Gutierrez. “The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful,” he added.

According to him, the sector applauds the nation’s ongoing economic growth, which will strengthen market conditions and consumer confidence.

Toyota, Mitsubishi, Ford, Nissan, and Honda are the leading companies in the sector from January to May.

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