AN OFFICIAL of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) reduced its projection for the annual decline of vehicle sales this year to between 5 percent and 8 percent amid improvement in the situation in the Middle East.
Previously, the forecast was a drop of between 8 and 10 percent.
In an interview on the sidelines of the opening of a four-day Philippine International Motor Show in Pasay City on June 4, CAMPI president Jose Maria Atienza said the latest projection, however, remains under study as it depends on several factors like fuel prices and the supply and demand.
This, amid the drop in global oil prices and the measures to address supply chain issues, which can boost domestic car sales, he said.
Atienza said electric vehicles (EVs) posted a sales growth of around 20 percent last May, lower from 35 percent last April, due to the impact of supply chain issues.
For all vehicle types, sales in May rose to around 33,000, up from the previous month’s 27,225 units, but lower than the 33,580 units in the same period last year.
Atienza said the growth of sales last May was tempered by supply issues, particularly on EVs.
“This fuel crisis is not planned. There was a big demand last March and April. We hope most of the brands are able to catch up (in) June, July and August,” he said, citing the drop in fuel prices as a possible boost to car sales. (PNA)
