Local sales of automotive vehicles grew at its slowest pace so far this year in October at 1.2 percent, data from industry sources showed on Friday.
According to a report released by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association, units sold in the month only reached 40,003, slightly up from 39,542 units in September.
Despite this, Campi president Rommel Gutierrez remained optimistic as the sector still posted modest growth in October despite recent storms affecting businesses.
READ: Growth of PH vehicle sales slowed to 2.4% in September
“The increase can be attributed to good sales and good stock availability, neutralizing the effect of Severe Tropical Storm ‘Kristine’ on the operations of dealers nationwide last month,” he said in a statement on Friday.
Commercial vehicles continued to dominate the market with 29,959 units sold in October, while light commercial vehicles came second with 21,813 units. Passenger car and Asian utility vehicle segments followed with 10,044 and 7,089 sold units, respectively.
The October number brought total sales at the end of 10 months to 384,310 units, 9 percent higher than the 352,971 units logged in the same period last year. Commercial vehicles and light commercial vehicles remained the growth drivers, based on the joint report.
In terms of market share, Toyota Motor Philippines was still the top player with a 46.43-percent share.
It was followed by Mitsubishi Motors Philippines Corp. with 19.09 percent, Ford Group Philippines at 6.12 percent, Nissan Philippines Inc. with 5.80 percent, and Suzuki Philippines Inc. with a 4.36-percent share.