Car sales start 2018 with a 15% plunge
Credit to Author: TYRONE JASPER C. PIAD| Date: Tue, 19 Feb 2019 16:22:49 +0000
Automobile sales continued to contract at the start of the year, plunging 15 percent to 26,888 units from a year earlier following double-digit declines for both the passenger car and commercial vehicle segments.
The drop, however, narrowed from December’s nearly 30-percent contraction, which capped a full-year 16-percent sales decline for the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA).
In a joint sales report on Tuesday, both groups said that the bread and butter commercial vehicle segment — which accounted for nearly 70 percent of the market — saw sales drop by 15.8 percent to 18,401 units.
Passenger car sales, meanwhile, fell by a slightly lower 13.3 percent to 8,487 units from a year earlier.
Toyota Motor Philippines Corp. remained the market leader for the month, accounting for 42.23 percent of all vehicles sold. The total sales of 11,355 units, however, was down 14.1 percent from a year earlier.
Also still in second was Mitsubishi Motors Philippines Corp. with 19.48-percent market share on sales of 5,329 units, 22.5 percent lower compared to January last year.
Continuing to buck the industry decline was Nissan Philippines, Inc., which recorded 55-percent growth via sales totalling 3,100 units. It accounted for 11.53 percent of the market.
Automakers are hoping for a rebound this year following a disastrous 2018, when vehicle sales plunged over the year following the implementation of tax increases and higher-than-expected inflation.
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