Car industry records 3.8% sales uptick in Oct
Credit to Author: Tyrone Jasper C. Piad| Date: Thu, 14 Nov 2019 16:41:42 +0000
THE Philippine automobile industry recorded a 3.8-percent uptick for sales in October on the back of growing demand and uptrend, with the full-year target seen to be achieved.
In a joint statement on Thursday, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association noted local assemblers sold 34,397 units in October, higher than 33,150 units in 2018.
The October figure showed an 8.1-percent improvement from the previous month when sales reached 31,820 units.
The commercial vehicle (CV) segment — comprising the bulk or 71 percent of the total sales — grew by 2.6 percent to 24,314 units from year-earlier 23,706 units, while sales of passenger car (PC) reached 10,083 units, 6.8 percent higher than previous year’s 9,444 units.
The year-to-date total automobile sales posted 2.53-percent growth at 301,761 units, better than 294,311 units last year for the same period.
CVs, meanwhile, grew by 3.8 percent to 211,361 units from the year-earlier 203,685 units as of end-October, and PCs, to date, has fallen 0.2 percent to 90,400 units from 90,626 units the previous year.
Toyota Motor Philippines Corp. (TMP) is still the industry leader with 43.25-percent market share, selling 130,520 units in the first ten months, which is 5-percent higher than year-earlier 124,329 units. TMP was followed by Mitsubishi Motors Philippines Corp. and Nissan Philippines at 51,515 units and 36,677 units, respectively.
“The current market demand for vehicles, along with creative and aggressive sales promotion efforts, give[s] us a positive outlook as we aim to sustain the growth trend for the remaining months of the year,” Campi President Rommel Guiterrez said.