Automotive industry up 40% in April 2022

MANILA – For two consecutive months, sales by local vehicle assemblers have grown more than 40%, with April 2022 sales increasing 40.9%, the Philippine Chamber of Automobile Manufacturers, Inc. reported on Thursday. (CAMPI) and the Truck Manufacturers Association (TMA). .

Vehicle sales increased to 25,149 units last month from 17,843 units in April 2021.

However, growth in April slowed slightly from the 43.4% sales increase in March.

CAMPI and TMA said sales of passenger cars and commercial vehicles grew by double digits.

Year-on-year growth in the passenger car segment rose 12.4% to 6,259 units in April this year from 5,570 units in 2021.

Commercial vehicle sales jumped 53.9% to 18,890 units from 12,273 units in the same period.

“April’s sales performance reflects the continued containment of the pandemic, supported by improved consumer demand for big ticket items compared to last year,” said CAMPI President Rommel. Gutierrez, in a statement.

Industry sales from January to April this year also rose 13.3% to 99,903 units from 88,155 units in the same period last year.

Seventy-five percent of them are commercial vehicles with sales growth during this period of 24 percent, selling 75,321 units compared to 60,730 units during the same period in 2021.

Year-to-date passenger car sales fell 10.4% to 24,582 units in the first four months of 2022 from 27,425 units in the same period of the year previous. The decline was driven by coronavirus disease 2019 (Covid-19) restrictions in the first two months of 2022.

“The government’s economic growth target of 7-9% this year, driven by overall improvement in employment and domestic demand, will play a vital role in the economy and the recovery of industry,” added Gutierrez. (NAP)