Fueled by growth and innovation, the Philippine automotive sector is poised for positive changes and new opportunities in the upcoming months.
Anticipated to build the momentum for car sales this year, this second quarter has seen strong growth, fueled by positive consumer demand, business confidence, and stability in automotive sales, according to an industry report.
The recent joint report from Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMP) and the Truck Manufacturers Association (TMA) showed a significant increase of vehicle sales in the past three months, marking a recovery from the slow growth reported last March.
According to the data, the market saw a 22% increase in vehicle sales in April, reaching from 30,643 units of the same month last year to 37,314 units this year. Notably, the increase of sales came from different vehicle categories, including Asian utility vehicles (AUV) bumping to 47.5% (6,816 units); medium truck sales to 40.9% (355 units); passenger car sales to 37.6% (10,069 units), and light commercial vehicles to 10.7% (19,561 units).
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