Vehicle sales rose by 18 percent to 116,617 units in the first eight months of the year, buoyed largely by higher uptake of passenger cars during the period.
In August alone, sales also rose by 21 percent to 13,700 units, defying the usually laggard sales during the so-called “ghost month,” a time observed by Asian investors when major decisions—including vehicle purchases—are often postponed for the following month.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association showed that the bulk of the sales in the first eight months were commercial vehicles, which accounted for 78,394 units. This figure represented a 13.6-percent increase compared to last year’s commercial vehicle sales of 69,980 units.
Sales of passenger cars registered a 28.5-percent jump to 38,223 units from 29,745 units sold a year ago. Light commercial vehicles posted a 19-percent increase to 48,465 units from last year’s 40,733 units.
Given the rosy performance of the sector in the first eight months, Campi president Rommel Gutierrez said the group was optimistic of meeting its revised sales target of 210,000 units for this year. The industry is also preparing for the anticipated seasonal increase in sales.
“The market should expect some new model introduction as well as bigger promotion packages,” Gutierrez added.
For the first eight months of the year, Toyota Motor Philippines Corp. continued to dominate the local automotive market with a 40.11-percent market share on sales of 46,773 units, followed by Mitsubishi Motors Philippines Corp. with a 24.11 percent share. Amy R. Remo