Gas-powered car sales slow as buyers shift to e-vehicles
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Vehicle sales in the Philippines declined by 10% in the first quarter, but electrified vehicle sales rose by 36%. The growth in electrified vehicle sales is driven by rising fuel prices due to the Middle East conflict.
Vehicle sales in the Philippines dropped by 10% in the first quarter to 105,642 units. However, electrified vehicle sales surged by 36% to 11,800 units during the same period. The growth in electrified vehicle sales is attributed to rising fuel prices caused by the Middle East conflict. All three segments of electrified vehicles - hybrid electric, battery electric, and plug-in hybrid electric - registered higher sales. In March alone, electrified vehicle sales posted a 224% growth to 6,148 units. The shift to electrified vehicles is expected to continue due to the country's need for energy-efficient vehicles and rising oil prices.
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