PH Car Sales Experience 30.7% Growth in H1

Locally assembled automotive vehicles recorded robust sales in the first half of 2023, with a total of 202,415 units sold, a staggering 30.7 percent increase in sales compared to the same period in 2022, according to the joint sales report released by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) on Tuesday.

The report reveals that car sales during the first six months of the year reached 47,541 units, surpassing the number of vehicles sold in the corresponding period in 2022. Both the passenger car and commercial vehicle segments experienced significant growth, with sales increasing by 30 percent compared to the previous year.

The passenger car segment exhibited remarkable performance, with sales reaching 50,848 units in the January to June period, a notable increase from the 39,003 units sold last year. Meanwhile, commercial vehicle sales rose to 151,567 units, marking a considerable jump from the 115,871 units sold in the same period in 2022.

Rommel Gutierrez, President of CAMPI, expressed optimism about the sustained growth of the local car manufacturing industry, emphasizing that the industry’s performance in the first half of the year serves as a strong indication of its progress. He further stated that with consistent monthly growth, the industry is optimistic about achieving, and potentially surpassing, its sales target for the year.

Meanwhile, car sales experienced a notable increase of 27 percent in June 2023, with 36,311 units sold compared to the 28,601 units sold in June 2022.

Leading the pack in terms of sales during the first half of the year were Toyota, Mitsubishi, Ford, Nissan, and Honda.

The positive sales performance of locally assembled automotive vehicles continues to showcase the improving finances of Filipinos, with more individuals being capable of making car purchases. (GFB)