Auto sales drop 10% in April as passenger car sales slump

PHILIPPINE AUTOMOTIVE SALES slid by 10% in April, the biggest annual decline in more than three years, amid a double-digit decline in passenger car sales, an industry report showed.

- By Justine Irish D. Tabile Reporter

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales fell by 10% to 33,580 units in April from 37,314 units in the same month a year ago.

April saw the biggest annual decline since the 11.2% drop in January 2022. It was also the first time that sales fell since the 7.3% decline in February 2022.

Month on month, car sales also slumped by 16.7% from 40,306 units sold in March.

"While the overall market trajectory remains positive, the recent slowdown may be attributed to seasonal factors, economic conditions, or evolving consumer demands," said CAMPI President Rommel R. Gutierrez in a statement on Monday.

"Industry leaders continue to monitor market trends and expect further developments in the months ahead," he added.

Data from CAMPI-TMA showed passenger car sales plunged by 35.5% in April to 6,498 from 10,069 a year prior. Passenger cars made up 19.35% of the total industry sales in April.

Month on month, sales of passenger cars slid by 23.1% from 8,449 cars sold in March.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the slump in passenger car sales reflects "ongoing price sensitivity in the mass market."