PH vehicle sales inched up by 1.4% as of July
Despite disruptions in retail operations last month because of typhoons and the southwest monsoon or habagat, total vehicle sales in the country managed to inch up by 1.4 percent on the strength of the commercial vehicle sector.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report on Thursday that car sales totaled 269,207 units in the seven months ending July, up from 265,610 units in the same period last year.
“Despite temporary weather-related disruptions that affected retail operations in July, the industry remains on a positive trajectory, supported by strong commercial vehicle demand and signs of recovery in the passenger car segment,” the two groups said.
Commercial vehicles climbed by 10.6 percent as of July, ending at 215,440 units.
Passenger car sales, on the other hand, plunged by 24.1 percent year-on-year to 53,767 units as inflation and high loan rates dampened demand.
As for electric vehicles, unit sales totaled 16,195 units during the period. Of these, hybrid electric vehicles accounted for 13,290 or 82 percent.
“The industry’s continued growth, particularly in commercial segments, reflects strong market fundamentals and the agility of our members in navigating short-term challenges,” CAMPI president Rommel Gutierrez said.
Toyota Motor Philippines Corp. continues to dominate the market with a 48.04-percent share. Mitsubishi Motors Philippines Corp. followed with 19.01 percent and Nissan Philippines, Inc. was next with 5.06 percent.
