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Philippines: Vehicle sales swing higher in 9 months
MANILA, Philippines — Vehicle sales picked up in September from a year ago after posting a slight dip year-on-year in August, amid the improved performance of both the passenger car (PC) and commercial vehicle (CV) segments.
Data released yesterday showed combined sales of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) grew 2.3 percent to 31,820 units in September from 31,116 units last year.
Both PC and CV sales registered increases year-on-year.
PC sales went up three percent to 9,721 units in September from 9,441 units the previous year.
CV sales also rose two percent to 22,099 units in September from 21,675 units a year ago.
For the January to September period, CAMPI and TMA sold a combined 267,364 units, 2.4 percent higher than the 261,161 units sold last year.
The groups’ PC sales declined slightly to 80,317 units in the nine-month period from the previous year’s 81,182 units.
On the other hand, CV sales increased 3.9 percent to 187,047 units as of end-September from 179,979 units a year ago.
By company, Toyota Motor Philippines Corp. maintained its leading position in the January to September period through its 42.68 percent market share.
Mitsubishi Motors Philippines Corp. was on second spot with a 17.21 percent share, followed by Nissan Philippines Inc. on third place with 12.34 percent.
Securing the fourth and fifth spots were Suzuki Philippines Inc. with a 6.52 percent share and Ford Motor Co. Philippines Inc. with 6.13 percent.
As demand continues for PCs and CVs, CAMPI remains confident the industry would end the year with positive growth in sales.
“CAMPI has expected this recovery coming into the last quarter of the year,” CAMPI president Rommel Gutierrez said noting local automotive firms traditionally start to see an upward trend in sales in September as consumers spend for the holiday season.
“Indeed, we welcome this positive growth as this is a good indicator of the increasing and widening demand for vehicles that has been the trademark of our industry. We are optimistic that the industry is well-positioned and prepared to progressively get back on track towards strong positive growth in the coming months,” he added.
The government’s tax reform program, which slapped higher taxes on automobiles, took a toll on automotive firms last year as combined CAMPI and TMA sales slid 16 percent to 357,410 units from 425,673 units in 2017.
Source: https://www.philstar.com/business/2019/10/16/1960492/vehicle-sales-swing-higher-9-months#dEYqm7xOvLUxVUWW.99