The local automotive industry saw sales grow by 21.7 percent in February due to the strong take up of both passenger and commercial cars.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) released on Thursday show that February auto sales improved to 25,150 units from 20,663 units in the same month a year ago.
The February sales is also 6 percent higher compared to the 23,808 units sold a month earlier.
In the first two months of 2016, local vehicle sales surged by 24.5 percent to 48,958 units compared to the 39,325 units sold the same two months the previous year.
Passenger cars sales went up by 20 percent in February to 9,819 units from 8,149 units in the same month in 2015.
Commercial vehicles (CV) composed of trucks and buses saw sales increase by 22.5 percent to 15,331 units from 12,514 units in February 2015, mainly due to all-new and refreshed model introductions.
Within the CV segment, heavy-duty trucks and buses or Category 5 vehicles posted the biggest growth with a 91 percent improvement to 296 units from 155 units in February 2015.
That was followed by the sales of Category 3 light trucks, which went up by 35 percent to 947 units, as well as AUVs and SUVs—known as Categories 1 and 2—which also increased by 30 percent and 25 percent, respectively.
“So far, it has been a good start for the auto industry. Demand for mobility continues and industry players are ready to respond to the needs and demands of consumers,” said CAMPI President Rommel Gutierrez.
Gutierrez said the auto industry sales forecast of 350,000 units this year—a 10 percent increase from last year’s sales—is achievable given the 24.5 percent growth in year-to-date sales.
“Our 2016 target looks achievable given the current trend,” the Campi president said.
Toyota Motor Philippines Corp. continues to lead the local auto industry with a 39.8 percent market share.
Toyota is followed by Mitsubishi Motor Philippines Corp. cornering 19.9 percent of the market, Ford Motor Co. Philippines Inc. with a 10.5 percent share, Isuzu Philippines Corp. with 8.5 percent, and Honda Cars Philippines Inc. with a 7.5-percent market share.