Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Vehicle sales jumped 19.5% in May — CAMPI

by
June 15, 2022
in Investing News
0
Vehicle sales jumped 19.5% in May — CAMPI
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

HEAVY TRAFFIC is seen along the southbound lane of EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PHILIPPINE automotive industry is confident that recovery is underway after vehicle sales rose by 19.5% in May.

Vehicle sales stood at 26,370 units in May, compared with 22,062 units sold in the same period in 2021, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.

Month on month, car sales increased by 4.9% from April’s 25,149.

“Based on our data, the industry has already recorded double-digit percentage growths for three consecutive months on a year-over-year basis, indicating that recovery is underway,” CAMPI President Rommel R. Gutierrez said in a statement.

Year-to-date sales figures showed that the industry sold 126,273 units, 14.6% higher than the 110,217 units sold in the similar period last year.

The auto industry’s growth reflected the pickup in economic activity after the further loosening of mobility restrictions. Most parts of the country have been under the most relaxed coronavirus alert level since March.

“The economic recovery from the ripple effects of the pandemic and the overall robust domestic demand are major contributing factors to the continued improvement of the automotive sales performance recorded in May,” Mr. Gutierrez said.

Commercial vehicle sales surged by 34% to 19,406 units in May, bringing total sales 26% higher to 94,727 units in the first five months of 2022.

However, passenger car sales dropped by 8.4% to 6,964 units in May. Year to date, passenger car sales slid by 9.9% to 31,546 units.

“The industry is optimistic for a sustained economic growth anchored on domestic demand amid the continued containment of the pandemic — all-important to the full recovery of the industry,” Mr. Gutierrez said.

Toyota Motor Philippines Corp. has the highest market share for the month at 55.83% or 14,723 units sold, followed by Mitsubishi Motors Philippines Corp. at 11.15% or 2,939 units sold.

Nissan Philippines, Inc. had a 7.53% market share after selling 1,985 units, followed by Suzuki Phils., Inc with a 7.08% market share after selling 1,868 units. — Arjay L. Balinbin

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Historians step up fight as Marcos returns to Palace

Historians step up fight as Marcos returns to Palace

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Cool Smashers eye Asian glory

Cool Smashers eye Asian glory

August 17, 2022
UST captures fifth straight UAAP general championship

UST captures fifth straight UAAP general championship

June 22, 2022
£330 pay boost for 30m Brits as National Insurance threshold rises to £12,570 from today

£330 pay boost for 30m Brits as National Insurance threshold rises to £12,570 from today

July 6, 2022
BPOs unlikely to take up gov’t dare to forego incentives

BPOs unlikely to take up gov’t dare to forego incentives

June 14, 2022
Marcos administration aims to boost 50% of population in first 100 days

Marcos administration aims to boost 50% of population in first 100 days

July 20, 2022
Banking battle for customers heats up as Nationwide introduces 5 per cent interest rate

Banking battle for customers heats up as Nationwide introduces 5 per cent interest rate

June 21, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.