THE Philippine automotive industry reported a double-digit annual increase in unit sales for the month of August even as it saw a decline from the previous month, data released by local manufacturers showed.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that total new motor vehicle sales for August hit 36,714.
This is 21.6% higher than the 30,185 units sold in August 2022, but 1.0% lower than the 37,086 units sold in July.
“(T)he auto industry is mindful of the challenges brought by high inflation and its effect on the overall consumer confidence particularly for big-ticket items — not a welcome news to the consumers and industry alike if it will persist,” CAMPI president Atty. Rommel Gutierrez said.
Inflation clocked in at 5.3% in August, snapping six straight months of deceleration, mainly due to the 8.1% increase in prices of food and non-alcoholic beverages.
Broken down, commercial vehicles accounted for 26,620 of the unit sales for the month, light commercial vehicles for 20,991, passenger cars for 10,094, and Asian utility vehicles (AUVs) for 4,576.
There were 597 units of light-duty trucks and buses, 328 units of medium-duty trucks and buses, and 128 units of heavy-duty trucks and buses sold during the month.
“(T)he 276,215 units year-to-date sales of CAMPI-TMA, up by 30% from the same period a year ago — equivalent to 70% of the 395,000 sales forecast is certainly giving optimism of a sustained and even stronger post-pandemic recovery for the auto industry,” Gutierrez said.
The manufacturers earlier this year said they are optimistic about recording 395,000 unit sales this year or 10% to 15% growth from the 352,596 units sold in 2022. (GMA Integrated News)