The Philippine automotive industry continues to grow during the first quarter of 2016. Based on the report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA), local auto sales registered a 22% increase.
As per CAMPI and TMA’s report, the local automotive industry yielded 76,479 units, 13,597 units more compared to the same period last year.
For March 2016, there were 27,521 units sold, 9% higher compared with 25,150 units in February.
The report stated that both Passenger Cars and Commercial Vehicles have delivered higher sales due to the introduction of all-new and refreshed models.
CAMPI President Atty. Rommel Gutierrez said that the Q1 auto sales was “a good start for 2016” and the organization hopes that the industry can maintain the momentum “in the coming months.”
Passenger Cars category posted 29,796 units for the first three months, around 19% increase from the same period last year while Commercial Vehicles registered 46,683 units.
After Q1, Toyota Motor Philippines Corporation sits on top with 39.2% market share, followed by Mitsubishi Motors Philippines Corporation with 19.2%, and Ford Motor Company Philippines, Inc. with 10.3%. Isuzu Philippines Corporation lands in fourth place with 8.61% while Honda Cars Philippines, Inc. completes the top five with 8.31% market share.