Business Technology, Finance Technology & Information Technology
The auto industry has grown by double digits for three months in a row.
MANILA, Philippines — Local automotive vehicle assemblers reported three consecutive months of double-digit growth in May, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
According to a joint report released on Wednesday by CAMPI and TMA, the industry climbed 19.5 percent last month to 26,370 units sold, up from 22,062 units sold in May 2021.
Commercial vehicle sales increased by 34.2 percent last month, offsetting an 8.4 percent drop in passenger car sales.
Commercial vehicle sales grew to 19,406 units in May 2022, up from 14,463 units the previous month.
Year over year, passenger automobile sales fell to 6,964 units from 7,599 units.
According to CAMPI president Rommel Gutierrez, “the industry has already experienced double-digit percentage growth for three consecutive months on a year-over-year basis, demonstrating that recovery is starting.”
According to Gutierrez, the industry’s sales increased in the previous month as a result of the economic recovery and robust demand for vehicles.
“The industry is confident for sustained economic growth anchored on domestic demand amid continuous pandemic containment — critical to the industry’s full recovery,” he added.
Meanwhile, the industry’s year-to-date sales totaled 126,273 units from January to May 2022, up 14.6% from 110,217 units sold in the same time last year.
The automotive sector expects to sell 336,000 vehicles in 2022.
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