A 31% year-on-year growth
Amid rising fuel costs, heavy traffic and the usual uncertainties, one thing is sure—Filipinos are still buying new cars in droves. The latest report from the Chamber of Automotive Manufacturers of the Philippines says vehicle sales reached 239,501 vehicles sold as of July 2023. This represents a growth of 31% year-on-year.
For the month of July 2023 alone sales reached 37,086 units, a growth of 33% compared to July 2022 sales of 27,813 units. Toyota Motor Philippines retains its wide lead, with 110,158 units sold representing a 17% growth from last year. Mitsubishi Motors Philippines plants itself squarely in second place with 43,831 vehicles sold. Ford Philippines, riding on Ranger and Territory sales, slots into third with 16,611 unit sales. Nissan Philippines lands in fourth place with 15,674 vehicle sales. And Suzuki Philippines completes the top five with 10,174 units moved.
“The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation. In fact, the auto industry is sustaining its positive growth trend as sales of new motor vehicles recorded a continued year-on-year growth for the past 17 consecutive months—since March 2022. The industry hopes to maintain this trend for the year,” said CAMPI President Atty. Rommel Gutierrez.
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