Vehicle sales surge 22% in first 10 months
THE PHILIPPINE automotive industry sustained its stellar performance in the first 10 months of the year, posting a 22-percent increase in sales to 234,952 units from 192,005 units sold in the same period last year.
The continued growth is expected to enable the industry to meet its sales target of selling more than 300,000 units this year.
“The progress of the economy bodes well for the auto industry. More people can now purchase cars and with relative ease,” said Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
“With attractive financing options coupled with new model introductions to match customer needs, cars are definitely appealing to new buyers. We are confident to meet our forecast for 2015,” Gutierrez added.
Data from Campi and the Truck Manufacturers Association (TMA) showed that the passenger car segment from January to October this year grew 28 percent to 95,271 units, while commercial vehicle sales rose 18.8 percent to 95,271 units.
For the month of October alone, vehicle sales jumped 28.7 percent to 28,667 units. This was driven by the strong performance of both the passenger car and commercial vehicle segments, which posted increases of 25.2 percent and 31 percent, respectively.
“Constant marketing efforts and attractive financial options still drive the boost of this category. New and refreshed models introduced helped the market to continue to grow,” Gutierrez added.
Toyota Motor Philippines Corp. continued its market dominance with a share of 43 percent, equivalent to sales of 101,682 units as of end October this year.
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