Auto Industry sales improve 21.6% in August 2023
September 1, 2023
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 August 2022 reached 36,714 units, equivalent to 21.6% increase compared with 30,185 units recorded in the same period a year ago.
CAMPI President Atty. Rommel Gutierrez said that “consumer demand drives the auto sales further by nearly 22% in August from an already considered pre-pandemic performance a year prior amidst the above inflation target recorded anew in the same period.”
He said that “the auto industry is mindful of the challenges brought by high inflation and its effect on the overall consumer confidence particularly for big-ticket items – not a welcome news to the consumers and industry alike if it will persist”.
“Nonetheless, the 276,215 units year-to-date sales of CAMPI-TMA, up by 30% from the same period a year ago – equivalent to 70% of the 395,000 sales forecast is certainly giving optimism of a sustained and even stronger post-pandemic recovery for the auto industry”, Gutierrez added.
