MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Monday that their combined vehicle sales at the start of the year increased by 42.1 percent to 29,499 units.

This translates to an increase of 8,734 units from the 20,765 units sold in January 2022.

"The double-digit sales growth of 42.1 percent recorded in January, coming from a year-on-year robust growth performance in 2022, is a good development momentum for the auto industry as we start the year," CAMPI president Rommel Gutierrez said in a statement.

Sales of car passengers and commercial vehicles both registered double-digit growths in January.

Passenger car segment sold 7,506 units last month -- 29.8 percent higher than the 5,784 units sold in January 2022.

Commercial vehicle sales also accelerated by 46.8 percent year-on-year to 21,993 units from 14,981 units.

Light commercial vehicles led the sales with 16,757 units sold last month followed by Asian utility vehicles with 4,587 unit sales.

Light trucks sold 370 units in the previous month, while trucks and buses categories IV and V sold 235 and 44 units, respectively.

"The auto industry is optimistic of its continued expansion from the demand-side standpoint driven by the growing domestic consumer market. On the other hand, the supply-side challenge(s) are also an important factor that the industry is mindful of as this may hamper the industry growth," Gutierrez said. (PNA)