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Philippine automotive industry expands 23.8% in Jan –Oct

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The automotive industry in the country continues to grow as sales in the first 10 months of 2021 increased by 23.8 percent compared to the same period last year.

The Chamber of Automotive Manufacturers in the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) recorded a total of 214,186 unit sales from January to October this year.

This is higher than the 173,035 units in the same period in 2020.

Both passenger car and commercial vehicle segments continue to recover as year-to-date sales improved by 29.3 percent and 21.3 percent, respectively.

With the easing of restrictions and mobility in October, month-on-month sales of the local automotive industry grew by 5.1 percent to 22,581 units from 21,493 units in September.

Monthly growth was led by the passenger car segment, which rose 15.9 percent, while sales growth of commercial vehicle cars was almost flat at 0.3 percent.

“Based on the October 2021 sales performance, the auto industry remains strong and will certainly surpass last year’s overall performance,” CAMPI president Rommel Gutierrez said in a statement.

However, industry sales year-on-year declined by 9.8 percent from 25,023 units in October 2020.

“Likewise, we continue to discuss relevant issues with the government aimed at ensuring full recovery of the industry as the country’s economic growth outlook is upgraded,” Gutierrez added.

The entire industry, including importers, aims to end the year with 295,400 unit sales.

The group of vehicle importers reported 43,957 units sold from January to September this year.

Source: https://www.pna.gov.ph/articles/1159490

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