Electric vehicle market soars
Car sales in the Philippines experienced a decline of 2.5% last July, reaching 37,319 vehicles compared to 38,295 vehicles in the same month of the previous year, according to a report from the Philippine Automotive Industry Association. Despite this decrease, the month recorded the highest sales since the end of last year, with total sales surpassing 42,000 units when including independent car sales. Passenger vehicle sales fell by 6.4%, and the commercial vehicle sector declined by 1.5%, with a significant drop in truck sales. However, Toyota maintained its leading position in the market. Conversely, the electric and hybrid vehicle market saw exceptional growth, with their market share increasing to 29.5% in July, registering a monthly growth of 161.8% with 7,086 vehicles sold, and a cumulative rise of 136.4% over the first seven months of the year. This growth reflects changing consumer preferences and rising environmental awareness, making electric vehicles currently the fastest-growing segment in the market.
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