Philippine vehicle sales up 24.2% in March

Vehicle sales continued to post double-digit growth in March with the automotive industry eyeing to surpass pre-pandemic sales levels this year, data released by the manufacturers on Wednesday showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that total new motor vehicle sales for the month hit 36,880 units.

This is 24.2% higher than the 29,685 units sold in March 2022, and 19.3% higher than the 30,305 units sold in February 2023.

“It is worth noting that the March 2023 sales performance is the second-highest monthly performance in a post-pandemic time, after the more than 37,000-unit sales level recorded in December last year,” CAMPI President Atty. Rommel Gutierrez said in an emailed statement.

The highest number of units sold was seen in commercial vehicles with 26,822 units; followed by light commercial vehicles (LCVs) with 20,644; passenger cars with 10,058; Asian utility vehicles (AUVs) with 5,205; light trucks with 453; and trucks and buses with 520 units.

“Indeed good news as the auto industry continues to hinge on the thriving consumer demand for new motor vehicles, which hopefully will further improve in the coming months,” Gutierrez said.

“In the same way, favorable economic conditions are also an important factor for sustained growth,” he added.

The latest figures bring the first-quarter units sold to 97,824, translating to a 30.1% growth from the comparable period in 2022.

The manufacturers earlier this year said they are optimistic about recording 10% to 15% growth this year from the 352,596 units sold in the past year. —VAL, GMA Integrated News