The automotive industry targets a 17 percent growth in sales in 2022 to 336,000 units.
Vehicle sales rose 17 percent in February to 24,304 units from 20,765 units in January but two-month sales were still 9 percent lower versus the same period in 2021.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association showed that compared with February 2021 sales of 26,230 units, last month’s sales were down 7.3 percent.
Rommel Gutierrez, CAMPI president, said the sales have regained a double-digit growth in February on the back of improved consumer confidence following the shift to low-risk COVID-19 classification.
“(This is) a welcome development for the industry,” Gutierrez said.
He added the industry is anticipating continued recovery this month as the economy further reopens, downgrading to the least restrictive Alert Level 1 in major areas including the National Capital Region starting this month. – Irma Isip
