Growth in car sales slowed to 4.8 percent in April from the same month in 2016, the slowest pace since the start of the year, data from automotive manufacturers showed.
According to a joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA), member companies sold 29,038 units last month, slightly more than the 27,697 units delivered in April last year.
This was the most marginal growth among CAMPI-TMA members since February, when year-on-year growth reached only 7.5 percent. The modest April sales was 20.6 percent lower than the 36,561 units sold in March this year.
For the first four months of the year, car sales went up 18.1 percent to 123,064 units sold from 104,170 units in the same period in 2016.
“The modest growth in April may be attributed to the less number of working days during the month,” said Campi president Rommel Gutierrez.
Passenger car sales slid 1 percent last month to 9,862 units sold from 9,920 units in the same month in 2016. Commercial vehicles, which account for more than 60 percent of the entire market share, went up 7.9 percent to 19,176 units sold from 17,777 units in April last year.
Most of the categories under the commercial vehicle segment had year-on-year increases, but the Category 5 trucks and buses fell 21.2 percent, selling 119 units in April from 151 units previously.
Toyota Motor Philippines Corp. remains the top seller among member companies as it took a 43.42-percent market share. It is followed by Mitsubishi Motors Philippines Corp. with 17.76 percent, Ford Motor Philippines Inc. with 8.44 percent, Honda Car Philippines, Inc. with 7.16 percent and Isuzu Philippines Corp. in fifth spot with 6.89 percent.
Among the top five best sellers, only Isuzu and Ford saw falling sales year-to-date, reporting a 3.6-percent and 5.8-percent drop, respectively.
While the car industry continues on the growth path, Gutierrez, who is also first vice president at Toyota, said last April that the industry was “cautious” of what the industry should aim for at the end of the year.
One of the biggest hurdles that the industry faces is the prospect of higher excise taxes imposed on cars, an added cost to consumers that could dampen demand.