A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) shows total new motor vehicle sales for January 2023 reached 29,499 units, equivalent to 42.1% increase compared with 20,765 units recorded in the same period a year ago.
CAMPI President Atty. Rommel Gutierrez said that “the double-digit sales growth of 42.1% recorded in January, coming from a year-on-year robust growth performance in 2022 is a good development momentum for the auto industry as we start the year.”
“The auto industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market. On the other hand, the supply-side challenges are also an important factor that the industry is mindful of as this may hamper the industry growth”, he added.
He also said that “the auto sales sustained growth or exceeded the last year’s record is not always clear-cut as our overall economic health and activity depends on various economic key indicators.”
