THE country’s automotive industry recorded a 1.7-percent growth in sales in the first five months of the year.
A joint report released by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that industry sales reached 190,429 units in January to May this year from 187,191 units in the same period last year.
Growth was driven by higher sales in the commercial vehicle (CV) segment.
CAMPI and TMA data showed that CV sales recorded a double-digit growth of 10 percent to 151,704 units from 137,944 units this year.
Sales of passenger cars, however, fell by 21.4 percent to 38,725 units from last year’s 49,247 units.
“We are encouraged by the industry’s sustained growth, especially with commercial vehicles driving overall performance. This reaffirms the significant role of the automotive sector in supporting the country’s economic activities,” CAMPI President Rommel Gutierrez said.
CAMPI is confident in the automotive industry’s positive performance this year, citing continued collaboration between government and industry stakeholders as key to sustaining growth.
Toyota Motor Philippines Corporation continued to dominate the market with 48.13 percent share, followed by Mitsubishi Motors Philippines Corporation with 19.23 percent, Nissan Philippines, Inc. with 5.19 percent, Suzuki Philippines, Inc. with 4.68 percent, and Ford Group Philippines at 4.49 percent share. (PNA)
