Vehicles sales in PH up 9.5% in Sept
MANILA -Vehicle sales in the Philippines expanded for the ninth consecutive month in September but growth slowed to single-digit rate for the first time this year.
Data released on Sunday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed that new vehicle sales reached 38,628 units during the month, higher by 9.5 percent than the 35,282 units sold in the same month a year ago.
Despite growth slowing to a single digit rate, Campi president Rommel R. Gutierrez said the September posting was the highest this year in terms of volume, emphasizing that growth was sustained by promotional campaigns and new model launches a month prior.
“We recorded the highest monthly sales performance in September and we hope that positive consumer outlook will be sustained in (the fourth quarter)”, Gutierrez said in a statement.
The second highest sales volume this year was recorded back in May, when sales grew 44.8 percent to 38,177 units.
Meanwhile, the September sales performance brings the year-to-date vehicle sales to 314,843 units, marking a 26.9 percent increase from the 248,154 units sold in the same period last year.
Further, Campi said it revised its sales forecast this year, projecting it to reach 423,000 units, equivalent to a 20-percent growth from 2022.
In 2022, the number of automotive vehicles sold in the Philippines reached 352,596 units, which is 31.3 percent higher than the 268,488 units sold in 2021.
At the height of the global outbreak of the coronavirus pandemic in 2020, vehicle sales in the Philippines plunged by nearly 40 percent, with just 223,793 vehicle units sold during the period.
Japanese brands continued to dominate the Philippine market during the month, with Toyota Motor Philippines Corp. maintaining a wide lead with a market share of 45.8 percent.
Mitsubishi Motors Philippines Corp. followed with a 18.4 percent market share; Ford Motor Company Phils. Inc., 7.3 percent; Nissan Philippines Inc., 6.4 percent, and Suzuki Philippines Inc., 4.3 percent.