Vehicle sales grew 21.6 percent year-on-year in August on strong demand despite the elevation inflation, two industry groups said Thursday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said automotive sales reached 36, 714 units in August, up from 30,185 units in the same month in 2022.
“Consumer demand drives auto sales further by nearly 22 percent in August amidst the rising inflation numbers in the same month,” said CAMPI president Rommel Gutierrez.
Passenger car sales went up by 49.9 percent to 10,094 from 6,733 units a year ago, while commercial vehicle sales rose 13.5 percent to 26,620 from 23,452 units.
Data showed however that month-on-month sales declined 1 percent from 37,085 units delivered in July.
Gutierrez noted the effect of high inflation on the overall consumer confidence particularly for big-ticket items. He said this is “not a welcome news to the consumers and industry alike if it will persist”.
Total sales in the first eight months went up 28.8 percent to 276,215 from 212,872 units in the same period in 2022.
“This is equivalent to 70 percent of the 395,000 sales forecast which is certainly giving optimism of a sustained and even stronger post-pandemic recovery for the auto industry,” Gutierrez said.
Passenger cars sold reached 70,451 units, up by 35.3 percent from 52.082 units a year ago while commercial vehicle sales climbed 28 percent to 205,764 from 160,790 units.
Toyota Motor Philippines Corp. accounted for 49.9-percent market share, followed by Mitsubishi Motor Phils. Corp. with 18.26 percent.
Ford Motor Company Phils. Inc. followed with 7.13 percent; Nissan Philippine Inc., 6.47 percent; and Suzuki Phils. Inc., 6.28 percent.