New vehicle sales in the Philippines increased by more than 23% to 37,961 units in July, from 29,967 units in the same month of last year, according to a data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data did not include sales of non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together accounted for around 20% of last year's 453,000 total vehicle sales.
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Sales of passenger vehicles increased by 13.1% to 12,701 units last month while commercial vehicle sales increased by over 29% to 24,250 units, according to data released by the associations.
Strong economic growth, estimated at up to 6.5% in the second quarter of the year, and aggressive dealer marketing activity continue to drive new vehicle demand.
In the first seven months of the year, new vehicle sales increased by 18.1% to 233,115 units from 197,447 units a year earlier.
Commercial vehicle sales increased by almost 25% to 154,234 units in this period, while passenger vehicle sales were up by just 8.3% at 79,881 units.
