Pent-up demand fuels rise in auto sales in January-June

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Local automakers sold more vehicles in the first half due to pent-up consumer demand, according to the Philippine Chamber of Automobile Manufacturers Inc. (Campi) and the Truck Manufacturers Association (TMA).

A joint report released by CAMPI and TMA showed year-to-date vehicle sales rose 16.7% to 154,874 units from 132,767 units the previous year.

In June, data from CAMPI-TMA showed automakers sold 28,601 units, up 26.8% from the 22,550 units a year earlier.

“The auto industry recovery is gaining momentum as new motor vehicle sales reached an upward growth trajectory in June, driven by pent-up consumer demand amid less than ideal economic conditions recorded over the same period,” CAMPI said in a statement.

The group added that the industry is optimistic that motor vehicle sales will continue despite the economic difficulties which could weigh on consumer confidence.

“The industry is optimistic that motor vehicle sales will remain within its current pre-pandemic trend line in the coming months, albeit challenging amid continued headwinds to economic recovery, which continue to affect confidence. of consumers and overall employment.”

On a monthly basis, vehicle sales also jumped 8.5% from the 26,370 units sold in May.

Among all vehicle segments, passenger cars (PCs) and trucks and buses performed poorly in the January-June period.

Truck and bus sales fell 27.4% to 439 units from last year’s 605 units, while first-half PC sales were down 8% to 39,003 units from 42 406 units registered in 2021.

The segments that saw gains over the period were light commercial vehicles, commercial vehicles and Asian commercial vehicles.

Toyota Motor Philippines Corp. leads the year-to-date sales with 80,090 units, followed by Mitsubishi Motors Philippines Corp. and Nissan Philippines Inc.

In January, local auto dealers said they were optimistic about the industry’s outlook for this year, with vehicle sales up 20% in 2021 despite the challenges posed by the pandemic.

Total vehicle sales rose to 268,488 units last year from 223,793 units in 2020.

This is a turnaround from its performance in 2020, when car sales fell nearly 40%. However, the 2021 figure is still lower than the 369,941 units sold in 2019 or before the pandemic.

Commercial vehicle (CV) sales made up the bulk of sales with 183,228 units sold in 2021, 18.9% more than the 154,155 units recorded in 2020. Broken down, vehicles sold last year were mainly lightweight resumes.

The passenger car (PC) segment, meanwhile, saw sales rise 22.4% year-on-year to 85,260 units from 69,638 units.

In 2021, Toyota Motors Philippines Corp. led the industry, accounting for nearly half of the market share. Its sales rose 29.6% to 129,667 units last year from 100,019 units in 2020.

After the Japanese automaker, Mitsubishi Motors Philippines Corp. and Ford Motor Company Phils. Inc which sold 37,548 units and 20,005 units respectively.

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