New vehicle sales in the Philippines rose by close to 38% to 14,373 units in March, from 10,746 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines Inc (Campi).
The strong positive momentum reflects rising economic growth and improving consumer confidence in the country.
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New vehicle demand was also boosted new models and aggressive marketing, according to Campi president Elizabeth Lee. Demand was especially strong for small and compact cars, which when combined with by the current attractive finance packages allowed more consumers to enter the car market.
First quarter vehicle sales rose by 35.5% year-on-year to 38,709 units, prompting the association to revise upwards its original full-year forecasts of 137,000 units. Passenger car sales grew by 26.5% to 13,009 units during the quarter, while commercial vehicle sales were up by 40.6% to 25,700 units. Demand for light commercial vehicles, including pickup trucks, vans and minibuses, was particularly strong – with volumes growing by almost 49% to 16,809 units.
Toyota’s sales rose by 26.3% to 12,341 vehicles in the first quarter, followed by Mitsubishi with a 48% rise to 7,184 units. Hyundai moved into second place ahead of Honda after its sales increased by 107.3% to 4,572 units; while Honda’s sales were flat at 4,500 units.
Tony Pugliese
