Vehicle sales surged in Oct.

Vehicle sales grew by 17 percent to 148,181 units in the first 10 months of the year, driven largely by the growing demand for passenger cars and commercial vehicles.

For October alone, the local automotive industry achieved another record, as vehicle sales breached, for the first time, the 16,000-unit mark for a single month.

Based on reports issued by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA), vehicle sales in October grew by 11.4 percent to 16,800 units, compared to the 15,081 units sold in the same month last year. Last month’s sales also reflected a 14-percent growth compared to the 14,764 units sold in September 2013.

“The market is responding very well to the new model introductions, both in the passenger car and commercial vehicle segments,” noted Campi president Rommel Gutierrez.

This continued growth has buoyed Campi’s optimism that the industry will still be able to hit the target sales of 210,000 units for this year, as the country approaches the traditional peak buying season, Gutierrez further said.

Data from Campi and TMA further showed that commercial vehicles accounted for the bulk of the vehicles sold in the first 10 months of the year at 98,694 units, followed by light commercial vehicles segment which sold a total of 60,911 units, and passenger cars, 49, 487 units. The AUV segment sold 33,739 units in the same period; light trucks, 2,369 units; and trucks and buses, 1,675 units.

In terms of percentage growth, the trucks and buses segment registered the biggest rise at 36.8 percent; followed by the passenger car segment, which posted a 29.9 percent increase; and light trucks, which recorded a 22.5-percent growth.

The LCV, CV and AUV segments recorded vehicle sales growths of 16.2 percent, 11.4 percent and 2.3 percent, respectively, according to Campi and TMA.

For the first 10 months of the year, Toyota Motor Philippines continued to dominate the local automotive market with a 41.3 percent share and sales of 61,153 units, followed by Mitsubishi Motors Philippines Corp. with 24 percent and Honda Cars Philippines at third with 8 percent.

Ford Motor Philippines took the fourth spot with 7.3 percent market shared followed by Isuzu Philippines Corp. with 6.6 percent.

On another development, Gutierrez meanwhile announced that Campi will be extending financial assistance to Sypertyphoon Yolanda’s victims.  In addition, all members will also be granting discount programs for consumers whose vehicles have been damaged by the calamity.