Sales of imported cars surge - BusinessWorld bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
All indicators showed that the domestic motor vehicle industry is moving back to its growth trajectory, based on data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA). For the month of May, motor vehicle sales reached 22,062
Car sales recover in May - BusinessWorld bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
REUTERSTOYOTA Motor Philippines Corp. has opened a new car dealership in the middle of the pandemic, its first since 2019, in what its local head described as the carmaker’s “testament of confidence” and optimism that recovery is in sight.
New vehicle sales in the Philippines rebounded to 17,843 units in April 2021 units compared with just 133 in the same month last year when the economy was shut down to help slow the spread of the COVID-19 pandemic, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
The market remained well below pre-pandemic levels, however, compared with a total of 25,799 vehicles sold in the same month of 2019. The economy contracted by a worse-than-expected 4.2% in the first quarter of 2021, with consumer and business sentiment affected by a resurgence of COVID-19 infections and the slow rollout of vaccines in the country. This was the fifth consecutive quarter of economic decline, after GDP shrank by 9.5% last year as a result of prolonged lockdowns which held back private consumption and investment.