THE PHILIPPINE automotive industry is highly bullish of hitting its sales target of 310,000 units a year as latest figures showed local players continuing their strong rally as of end-November this year.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Trucks Manufacturers Association (TMA) showed that local players collectively posted a 22.7-percent increase in sales to 261,930 units from January to November this year, from the 213,427 units sold a year ago.
For November alone, the Philippine automotive industry recorded a 25.9-percent jump in sales to 26,979 units from the 21,422 units sold in the same month last year.
“With another impressive growth in November 2015, we are most likely to achieve our target of 310,000 units for the year,” Campi president Rommel Gutierrez said.
Campi and TMA data further showed that both the passenger car and commercial vehicle segments registered strong double-digit growths.
Sales of passenger cars grew 32.5 percent to 10,649 units in November this year from the 8,040 units sold a year ago. This brought total sales under this segment to 105,920 units as of end-November, up 28.5 percent compared to the same period last year.
Sales of commercial vehicles rose 22 percent to 16,330 units, coming from the 13,382 units sold in November 2014. This brought the segment’s cumulative sales in the first 11 months of the year to 156,010 units, up 19-percent a year ago.
As of end-November this year, Toyota Motor Philippines Corp. remained the dominant player, accounting for 43.9-percent market share (equivalent to 113,519 units sold) during the period.
Mitsubishi Motors Philippines Corp. came in second with an 18.5-percent share (49,803 units); followed by Ford Motor Co., with a 11 percent share (22,548 units); Isuzu Philippines Corp., with 7 percent ( 20,216 units), and Honda Cars Philippines, with a 5.8-percent market share (17,615 units).