MANILA: The improvements in the global supply chain for the automotive vehicle industry have helped the local sector sustain its growth in May this year.

The joint report of the Chamber of Automotive Manufacturers Association of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed Tuesday that local assemblers sold 40,271 units in May 2024, which is 7.9 percent higher than the previous month and 5.5 percent higher than the previous year.

‘Improvements in the supply and good consumer demand, coupled with increase in automotive financial scheme and extensive sales activities helped boost sales on a month-on-month basis,’ CAMPI president Rommel Gutierrez said in a statement.

The performance of local vehicle assemblers last month boosted the total sales from January to May this year at 187,191, increasing by 12.7 percent compared to the same period in 2023.

Both passenger car and commercial vehicle segments grew sales by double digit at 17.6 and 11 percent, respectively.

Five-mon
th sales of passenger cars increased to 49.247 units this year from 41,862 a year ago.

Commercial vehicles sold 137,944 units from January to May 2024 from 124,242 in the same period last year.

Meanwhile, top nameplates in the country for the said period are Toyota, Mitsubishi, Ford, Nissan, and Suzuki.

Source: Philippines News Agency