PH vehicle sales climb 45% in May

The Philippine automotive industry posted a rebound in May as unit sales posted double-digit growth during the month to bring the year-to-date level on track to beat pre-pandemic figures, data released by local manufacturers on Tuesday 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 May hit 38,177 units.

This is 24.6% higher than the 30,643 units sold in April, and 44.8% higher than the 26,370 units sold in the same month last year.

“The growth of new motor vehicle sales in May with nearly 45% increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year,” CAMPI president Atty. Rommel Gutierrez said in an accompanying statement.

“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor towards an economic and market conditions that are favorable for the industry and consumers alike,” he added.

The higher number of units sold was seen in commercial vehicles with 28,385 units, followed by light commercial vehicles (LCVs) with 22,418 units, passenger cars with 9,702 units, and Asian utility vehicles (AUVs) with 5,099 units.

There were 443 units of light trucks and buses, 344 of medium trucks and buses, and 81 of heavy trucks and buses sold during the month.

The latest figures brought the year-to-date sales to 166,104 units, marking a 31.5% increase from 126,273 units sold in the comparable period in 2022.

“The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible,” Gutierrez said.

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