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 May 2023 reached 38,177 units, equivalent to 44.8% increase compared with 26,370 units recorded in the same period a year ago.
CAMPI President Atty. Rommel Gutierrez said that “the growth of new motor vehicle sales in May with nearly 45% increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year.”
“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor towards an economic and market conditions that are favorable for the industry and consumers alike”, Gutierrez added.
Gutierrez shared that “the steady year-on-year growth recorded in the first 5 months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible.”
Year-to-date, CAMPI-TMA sold 166,104 units, equivalent to 31.5% growth compared with the same period a year ago.
