Sale of commercial vehicles jumped by 27 percent in June.
Vehicle sales in June rose by 27 percent because of increased demand for commercial vehicles. A commercial vehicle is one used in transporting cargo other than passengers.
A joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association, Inc. (TMA) showed total vehicle sales reached 28,601 units in June, up by 26.8 percent from 22,550 units sold in the same month last year.
Month on month, total vehicle sales increased by 8.5 percent from May’s 26,370 units, Business World reported.
Commercial vehicle sales surged by 39.4 percent to 21,144 units in June, from 15,168 a year ago. This was driven by a 55 percent rise in sales of Asian utility vehicles and a 38% jump in sales of light commercial vehicles.
Passenger vehicle sales remained sluggish, inching up by 1 percent to 7,457 units in June from 7,382 a year ago.
“The automotive industry recovery is progressing as new motor vehicle sales reached an upward growth trajectory in June driven by the pent-up demand from consumers amid the less-than-ideal economic conditions recorded in the same period,” CAMPI President Rommel R. Gutierrez said.
For the first six months, the industry sold 154,874 units, up by 16.7 percent from 132,767 units sold in the same period last year.
Sales of commercial vehicles rose by 28.2 percent to 115,871 units in the first six months, offsetting the 8% decline in passenger car sales to 39,003.
The CAMPI-TMA report showed that Toyota Motor Philippines Corp. had the highest market share for the January to June period with 51.71 percent after selling 80,090 units.
Mitsubishi Motors Philippines Corp. had the second-highest market share at 13.39% with 20,734 units sold.
It was followed by Nissan Philippines, Inc.(7.22% or 11,188 sold units); Suzuki Phils., Inc. (6.36% or 9,851 sold units); and Ford Motor Co. Phils. Inc. (5.78% or 8,956 units sold).
Gutierrez is hopeful that vehicle sales momentum will be sustained in the next few months.
“The industry is optimistic of sustaining motor vehicle sales in its current pre-pandemic trendline in the coming months, albeit challenging amid the ongoing headwinds to the economic recovery, which continue to affect consumer confidence and overall employment,” Gutierrez said.
CAMPI previously announced that it is targeting to sell 336,000 units in 2022, 17 percent higher than the 268,488 units sold in 2021.
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