MANILA, Philippines — This year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI)…
In April 2022, the automobile industry will have grown by 40%.
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) revealed Thursday that sales of local vehicle assemblers increased by over 40% for the second month in a row, with April 2022 sales up by 40.9 percent.
Last month, vehicle sales jumped to 25,149 units, up from 17,843 in April 2021.
However, after a 43.4 percent gain in March, growth in April fell significantly.
Both passenger automobile and commercial vehicle sales increased by double digits, according to CAMPI and TMA.
The passenger automobile segment grew by 12.4% year over year to 6,259 units in April this year, up from 5,570 units in 2021.
Commercial vehicle sales increased by 53.9 percent to 18,890 units in the same period, up from 12,273 units.
In a statement, CAMPI president Rommel Gutierrez said, “The April sales performance demonstrates the sustained containment of the pandemic reinforced by stronger consumer demand for big-ticket items compared to previous year.”
From January through April this year, industry sales grew by 13.3% to 99,903 units, up from 88,155 units the previous year.
Seventy-five percent are commercial vehicles, with sales increasing by 24 percent from 60,730 units in the same period in 2021 to 75,321 units in 2022.
Year-to-date passenger car sales fell 10.4% to 24,582 units in the first four months of 2022, compared to 27,425 units in the same time last year. Coronavirus disease 2019 (Covid-19) limits dragged the reduction in the first two months of 2022.
“The government’s economic growth objective of 7 to 9% this year, supported by overall improvements in employment and domestic demand, will play a crucial role in the economy and industry’s recovery,” Gutierrez continued.