Car sales jump by double digits in Nov
Credit to Author: Anna Leah E. Gonzales| Date: Wed, 11 Dec 2019 16:20:34 +0000
Vehicle sales grew by double digits last month, raising car companies’ optimism that market demand would be sustained until the end of the year.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Wednesday showed that sales grew by 10.3 percent to 34,465 units in November from 31,258 in the same month last year.
Campi President Rommel Gutierrez said last month’s sales “is now recorded with the highest monthly sales for the industry so far this year.”
Sales in the bread-and-butter commercial vehicle segment — which accounted for more than 70 percent of the market — rose by 12.9 percent to 24,914 units from 22,061.
Passenger car sales also increased by 3.8 percent from 9,197 units to 9,551.
Toyota Motor Philippines Corp. (TMP) remained the market leader for the month, accounting for 45.34 percent of all vehicles sold. TMP’s total sales reached 15,625 units, growing by 10.4 percent from 14,147 units a year earlier.
Mitsubishi Motors Philippines Corp. was second with an 18.98-percent market share on the back of 6,542 units sold, higher by 20.7 percent from last year’s 5,421 units.
Rounding up the top three was Nissan Philippines Inc., which sold 3,268 units, down 5.4 percent from 3,453 in 2018. Nissan accounted for 9.48 percent of total sales.
Gutierrez said they are optimistic that market demand in December would remain robust on continuous sales promotions and sustained positive economic outlook.
He added that historically, December is when the industry experiences exponential growth every year.
Year-to-date, car sales increased by 3.2 percent from 325,569 units last year to 336,226 this year on the back of higher sales in both the passenger car and commercial vehicle segments.
“We are continuously working double time to achieve the industry’s overall sales target of 410,000 units which we believe remains achievable,” Gutierrez said.
The market share of Campi and TMA to the overall sales target is 89 percent, while the Association of Vehicle Importers and Distributors Inc. accounted for 11 percent.