The Philippine new vehicle market continued to recover in November 2021, with sales rising by over 14% to 26,456 units from 23,162 units a year earlier, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
On a month on month basis, sales have bounced back from the August low, after the government began to ease social and business restrictions in September as the country began to recover from the latest wave of coronavirus infections.
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The vehicle market was still struggling to return to pre-pandemic levels, however, despite GDP growing by 7.1% year on year in the third quarter and by 12% in the second quarter, albeit from extremely weak year earlier levels during the first wave of the pandemic.
The associations’ data showed vehicle sales in the first 11 months of the year were up by almost 23% at 240,642 units from 196,197 units in the same period last year, with passenger vehicle sales rebounding by 26% to 76,813 units and commercial vehicle sales up by 21% at 163,829 units.
Toyota Motor Philippines accounted for 48% of total sales year to date, followed by Mitsubishi Motors with almost 14%, Ford 7.5%, Suzuki 7.3% and Nissan 7.2%.
The data did not include members of the Association of Vehicle Importers and Distributors (AVID) which reported a 26% increase in combined sales to 43,957 units in the first nine months of the year.
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By GlobalData
