Vehicle sales mark third straight month of double-digit growth
Business

Vehicle sales mark third straight month of double-digit growth

The country’s automotive industry recorded a double-digit growth in sales in May, its third consecutive month of improvement.

According to the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), vehicle sales grew 19.5 percent last month to 26,370 units.

Commercial vehicle sales increased to 19,406 units from 14,463 units in the same month last year.

Sales of passenger cars decreased to 6,964 units from 7,599 units year-on-year.

CAMPI president Rommel Gutierrez said the economic recovery and strong demand for vehicles have contributed to the growth in industry sales.

“The industry is optimistic for a sustained economic growth anchored on domestic demand amid the continued containment of the pandemic –all-important to the full recovery of the industry,” he said.

In the five months to May this year, sales of the industry rose 14.6 percent to 126,273 units.

For 2022, the industry is targeting to sell 336,000 units of automotive vehicles. (PNA)

 

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