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Campi remains cautiously optimistic amid economic uncertainties

By:  Roy Stephen C. Canivel 

Vehicle sales slumped by more than half in June compared to the same month in 2019 as the automotive industry continued to struggle to keep demand for new cars in the middle of a pandemic.

Car and truck manufacturers sold 15,578 units in June, marking a 51.2-percent drop from the 31,950 units sold in the same month a year ago, data showed.

This was according to a joint report released Monday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA).

From January to June, Campi and TMA sold 85,041 units, a 51.2 percent drop from the 174,135 units sold in the same six-month period in 2019.

Despite the year-on-year and year-to-date decline, June sales were still significantly higher than the sales back in May, when the groups, which include automotive giants Toyota and Mitsubishi, sold only 4,788 units.

This 225.4-percent month-on-month growth was showing early signs of a recovery, according to Campi president Rommel Gutierrez, although he said he remained cautiously optimistic amid the prevalent social and economic risks and uncertainties the country was facing due to the global pandemic.

“This positive [month-on-month] growth shows early signs that consumer demand for new cars is starting to improve albeit slowly. The auto industry recovery may take time as vehicle sales still remain a challenge,” Gutierrez said.

“The industry is also maximizing digital platforms as one of the avenues to strengthen campaigns for our sales promotional. This is one of the strategies to adapt to the new normal environment,” he added.

Like other industries, the automotive industry also suffered from the impact of both the COVID-19 pandemic and the lockdown that was meant to contain the virus from spreading.

Toyota Motors Philippines Corp. is still the market leader, selling 35,648 units despite a 51.5 percent drop in volume sales. Mitsubishi Motors Philippines Corp. followed behind with 15,133 units, while Nissan Philippines, Inc. ranked third with 9,708 units. INQ

Read more: https://business.inquirer.net/302537/vehicle-sales-down-51-2-in-first-6-months#ixzz6S75MgcBA
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