Car Companies have snapped a four-month sales slump, with an industry group yesterday reporting its first uptick since the start of the year.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), which groups 16 firms, said January to May sales were up 0.51 percent from a year earlier at 59,177 units.
For May alone, sales were up 30.7 percent to 14,625.
“[M]anufacturers [have been] able to serve strong customer demands due to the stabilisation of the supply situation,” CAMPI president Rommel R. Gutierrez said in a statement.
The introduction of new models were also said to have supported growth in both passenger car and commercial vehicle segments.
“We are very optimistic that the strong performance in May is a clear sign that the industry is on the road to recovery and can achieve record-breaking sales for 2012,” Gutierrez said.
CAMPI officials earlier raised the possibility of revising its 2012 sales forecast of 154,000 units. In a text message yesterday, Gutierrez said: “[CAMPI] is still working on the revision… [it] may be announced next month.”
Toyota Motor Philippines Corp. continued to lead the industry with a market share of 39.7 percent. It was followed by Mitsubishi Motors Philippines Corp. (23.9 percent) and Isuzu Philippines Corp. (8.1 percent).