Pent-up consumer demand lifts auto sales in October

SALES of automotive vehicles among members of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) grew 18.6 percent to 38,128 units in October this year from 32,146 units a year ago.

According to the joint report released on Thursday, Nov. 23, both sales of passenger cars and commercial vehicles increased year-on-year.

Sales of passenger cars jumped 21.6 percent to 10,087 units last month from 8,294 units in October 2022.

Commercial vehicle sales in the previous month went up by 17.6 percent reaching 28,041 units from 23,851 units in the same comparable period.

“Consumer appetite is high and sales are driven by continued pent-up demand, which is also supported by easier access to credit,” CAMPI president Rommel Gutierrez said.

Meanwhile, total vehicle sales from January to October this year grew by 25.9 percent to 352,971 units from 280,300 units in the same period in 2022.

Commercial vehicle sales reached 262,875 units between January and October 2023, while passenger cars sold 90,096 units, increasing by 24 percent and 31.8 percent, respectively.

“We already achieved 83 percent of our 2023 forecast in October. With sustained demand, we are confident that we can achieve 423,000 units sales by year-end,” Gutierrez added.

The top five car brands in the Philippines from January to October this year included Toyota, Mitsubishi, Ford, Nissan and Suzuki. (PNA)/PN