Local automotive sales sustained a double-digit growth in February on the back of strong demand, reflecting the industry’s recovery from the pandemic, data from two industry groups show.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report Monday vehicle sales grew 27.2 percent in February from a year ago, following the 42-percent rise in January and 33-percent increase in 2022.
Members of the two groups sold 30,905 vehicles in February, up from 24,307 units delivered in the same month last year.
“The industry demonstrated anew positive sales growth of 27.2 percent in February 2023 on a year-on-year basis—a clear indicator of a continuously progressing auto industry from the course of the pandemic,” said CAMPI president Rommel Gutierrez.
Passenger car sales increased 21.6 percent in February to 7,189 from 5,914 units a year ago, while commercial vehicle sales went up 29 percent to 23,716 from 18,370.
Data showed that industry sales also increased 4.8 percent month-on-month despite the fewer days in February. Passenger car sales slowed 4.22 percent from 7,506 units sold in January, while commercial vehicle sales picked up 7.8 percent from 21,993 units.
Combined sales in the first two months of 2023 accelerated by 34 percent to 60,404 units from 45,069 units. Passenger car sales in the two-month period went up by 25.6 percent to 14,695 from 11,698 units, while commercial vehicle sales climbed 37 percent to 45,709 from 33,371.
Passenger cars refer to sedans and hatchbacks, while commercial vehicles include crossovers, multi-purpose vehicles, sports utility vehicles, pick-up trucks, vans, jeepneys and trucks.
Gutierrez said members of CAMPI and TMA were expecting total sales in 2023 to grow by 10 percent to 15 percent to about 395,000 units from 352,596 vehicles sold last year. The number is on top of sales by other industry groups.
“The favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles,” he said.
The CAMPI-TMA sales forecast this year would be higher than the pre-pandemic levels, and second to the record 2017 sales performance, or a year prior to the implementation of excise tax under the TRAIN law.
Total industry volume forecast, including those by other groups, is 408,300 units, or 10.4 percent higher than 369,981 units sold in 2022. The number includes sales forecast by exclusive members of the Association of Vehicles Importers and Distributors and MG Motors Phils.