MOTOR VEHICLE production rose 60.3% year on year in January, a growth rate that topped the region, according to the ASEAN Automotive Federation (AAF).
AAF said on its website that Philippine motor vehicle production in January hit 8,886 units, up from 5,543 a year earlier.
The other growth rates reported by AAF were Malaysia’s 36.2%, Indonesia’s 10.7%, Thailand’s 7%, Vietnam’s -53.1%, and Myanmar’s -98.7%.
Total motor vehicle production by the six ASEAN countries in January was 370,899 units, up 9.3% from a year earlier.
The Philippines also posted the highest sales growth in January at 42.1% year on year, after shipping 29,499 units.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) has said that vehicle sales in January represented a good start for the year.
“The double-digit sales growth of 42.1% recorded in January, coming from a year-on-year robust growth performance in 2022 (represents strong) momentum for the auto industry as we start the year,” CAMPI President Rommel R. Gutierrez said.
“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 challenges are also an important factor that the industry is mindful of as this may hamper the industry growth,” he added.
Sales growth in January was 19.1% in Malaysia, 11.8% in Indonesia, -5.6% in Thailand, -35.8% in Singapore, -43.7% in Vietnam, and -86.1% in Myanmar.
Motor vehicle sales in the region during the month rose 2.8% to 258,500 units.
Philippine motorcycle and scooter production in January rose 55.4% to 123,786 units, the AAF said.
Other growth rates were 23.8% for Malaysia and 14.6% for Thailand.
For the region, motorcycle and scooter production in January increased 27.1% to 371,907 units.
Philippine motorcycle and scooter sales in January rose 31% to 151,534 units. Sales growth in the other countries was 20% for Malaysia, 9.8% for Thailand, and -23.1% for Singapore.
Regional motorcycle and scooter sales in January hit 361,777 units, up 19.2% from a year earlier. — Revin Mikhael D. Ochave