Local auto sales reach 31% growth in Nov.

MANILA: A total of 315,337 motor vehicle units were sold between January and November of 2022, falling just 20,666 units short of the 336,000-unit annual sales goal.

According to a joint report from the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the 26-member association sold 315,337 units, up 31% from the 240,642 units sold during the same time period the previous year.

Sales in the auto industry increased by 32.4 percent in November alone to 35,037 units from 26,456 units reported in the same month last year. The month of December often has the most sales in a year.

Additionally, the 315,337 units sold between January and November represented a 31 percent increase over the 240,642 units sold during the same time in 2021.

The commercial vehicle segment made up the majority of total sales in the first 11 months, accounting for 238,054 units, or 45.3% more than the 163,829 units sold during the same time last year. The segment's market share increased from 68.08 percent in 2021 to 75.49 percent in 2022.

In the meantime, the passenger car segment produced 77,283 units, which is a flat increase from the previous year. The sector has the remaining 24.51 percent of the market.

With 156,874 units sold, or 49.79 percent of the market, Toyota Motor Philippines maintained its advantage over the competition. Mitsubishi Motors Philippines came in second with 46,692 units, followed by Ford Motor Philippines came in second with 21,450 units.

Nissan Philippines came in fourth with 19,373 vehicles, and Suzuki Philippines Inc. completed the top five with 18,118 units sold.

“The auto sales performance has been improving, recording double-digit growths for nine successive months. With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year,” said CAMPI President Rommel Gutierrez.

“The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth,” Gutierrez added.

Photos from Isuzu Philippines Corp. and Roy Robles 

Also read: PH car sales rise by 31% in Oct.