Philippine new car sales pick up in May on new models
MANILA, NNA – Sales of new vehicles in the Philippines picked up in May after flatlining in April, as automakers introduced new models and dealers conducted aggressive sales promotion.
The Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association (CAMPI-TMA) released the latest monthly sales data Monday.
―― New vehicle sales rose 1.2 percent from a year earlier to 30,998 units in May, a fourth straight month of y/y gains after a meager 0.8 percent increase in April and a 14-percent surge in March. On the month, sales jumped 20.2 percent.
―― CAMPI president Rommel Gutierrez said in a statement that the double-digit month-on-month growth could be attributed to strong promotional campaigns and new models launched in time for the summer season. “If this trend continues, we can say that the market has already adjusted or even recovered from certain factors that have been affecting car sales since 2018,” he said.
―― Broken down by category, commercial vehicle sales increased 21 percent m/m and 3.4 percent y/y to 21,945 units in May. Passenger car sales rose 18.2 percent m/m to 9,053 units but declined 3.7 percent y/y.
―― Japanese automakers continued to dominate the market. Toyota had the biggest market share at 44.8 percent, posting a sales increase of 21.4 percent m/m to 13,889 units in May, although slipping 3.7 percent y/y. Mitsubishi Motors ranked second with a 11.4 percent increase to 5,141 units, followed by Nissan which posted an 82.1 percent jump in sales to 3,840 units.
―― CAMPI said easing inflation and lower interest rates should support a pickup in car sales, noting that in the first five months of the year they were down just 0.04 percent from a year earlier at 142,185 units.
――”At the start of the year, we saw a big gap in sales versus last year. As we move forward, we can see positive signs of recovery,” Gutierrez said.