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Philippines: Car sales skid 16% in 2018
MANILA, Philippines — Local vehicle assemblers ended 2018 with a 16 percent decline in sales compared to a year ago, but are confident of seeing better performance this year.
A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association Inc. (TMA) released yesterday showed total vehicle sales reached 357,410 units last year, lower than the 425,673 units in 2017.
Passenger car (PC) sales dropped 21.8 percent to 109,020 units last year from 139,424 units in 2017.
Commercial vehicle (CV) sales, likewise, slid 13.2 percent to 248,390 units last year from 286,249 units in 2017.
CAMPI and TMA’s total sales for December alone were down 29.8 percent to 31,945 units from 45,494 units in the same month in 2017.
Compared to sales in November which reached 31,258 units, sales in December were up by 2.2 percent.
PC sales for the month of December reached 9,301 units last year, 34.4 percent lower than the 14,182 units in the same month in 2017.
CV sales also declined 27.7 percent to 22,644 units in December last year from 31,312 units in 2017.
While demand for vehicles last year was affected by the higher excise taxes imposed on cars under the government’s tax reform program, the CAMPI is encouraged by the month-on-month increase in sales seen in December.
“We are confident that the continued month-on-month positive sales growth rate during that period will be sustained in 2019. With GDP (gross domestic product) per capita on a high level, more new vehicle models to be introduced and a strong economy, we welcome the new year with great excitement,” CAMPI president Rommel Gutierrez said.
Toyota Motor Philippines Corp. remained the leading automotive brand with a 42.8 percent market share last year.
Mitsubishi Motors Philippines Corp. came in second with an 18.9 percent share, while Nissan Philippines Inc. placed third with a 9.8 percent share.
Ford Motor Co. Philippines Inc. and Honda Cars Philippines Inc. got the fourth and fifth spots with 6.6 percent and 6.5 percent, respectively.
Source: https://www.philstar.com/business/2019/01/15/1885076/car-sales-skid-16-2018#UtdrlPRgGHmJcqlK.99