Car sales up 0.6% in February, snap losing streak
Credit to Author: TYRONE JASPER C. PIAD| Date: Wed, 13 Mar 2019 16:18:42 +0000
Automobile sales finally turned positive in February, snapping a year-long decline and raising hopes of a 2019 turnaround.
Carmakers sold a total of 26,327 units last month — up 0.6 percent from a year earlier when the imposition of higher sales taxes led to a 3.2-percent contraction that worsened to as much as 30 percent as 2018 ended.
Month on month, however, car sales were down 2.1 percent from January, data released by the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association (TMA) showed.
The year-to-date tally of 53,215 units was also 8.0 percent lower compared to last year.
February saw a recovery for passenger cars, with sales growing by 3.4 percent to 8,471 units. The bread and butter commercial vehicle segment, however, fell 0.7 percent to 7,856 units.
CAMPI and TMA representatives were not immediately available for comment but officials have expressed hope that full-year sales would rebound in 2019 following last year’s 16-percent plunge.
Toyota Motors Philippines Corp. remained the industry leader as of February with 35.20-percent market share on sales of 9,267 units, 5.6 percent lower than last year.
In second was Mitsubishi Motors Philippines Corp. with 19.75-percent market share on sales of 5,200 units, 14.2 percent lower compared to February last year.
Nissan Philippines Inc. extended its run of positive results, posting 94.7-percent growth with 3,523 units sold for third place and 13.38 percent of the market.
Year-to-date, Toyota stayed dominant with sales totaling 20,622 units, down 10.5 percent from a year earlier and accounting for 38.75 percent of the market.
Mitsubishi sold 10,439 units — down 18.6 percent — for a 19.62-percent market share while Nissan sold 6,623, up 73.9 percent and 12.45 percent of the market.
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