MANILA, Philippines - Auto sales jumped by 12.9 percent to 12,761 units in October from September’s 11,304 units as car owners scramble to replace vehicles damaged by the typhoons, the Chamber of Automotive Manufacturers Association of the Philippines (CAMPI) said.
For the first 10 months, sales went up by 1.3 percent to 106,146 units from 104,757 units a year ago.
“Overall, industry players are optimistic that targets can be achieved barring any major negative developments. Banks have continued to support the industry with availability of financing at lower rates, OFW remittances which are seen to increase during the holiday season will continue to support consumption, and players are offering promotions which make acquisition easier, in time for the holidays,” CAMPI president Elizabeth H. Lee said.
Lee noted that the improvement in sales was also a result of various dealer activities and the on time arrival of stocks.
“The industry is optimistic that it will hit its minimum target of 125,000 units sold for the year. Auto players have aggressively offered a wider product line coupled with low cost financing packages to help buyers purchase their vehicles. The goal was to sustain sales, preventing it from dipping into negative territory,” Lee said.
Toyota Motor Philippines (TMC) sold the most number of vehicles from January to October with 36,593 units or 34.5 percent of the market. Mitsubishi Motors Philippines Corp had 17.7 percent of the market or 18,896 units and Honda Cars Philippines with 13.7 percent of the market or 14,534 units.
Passenger car sales went up by 5.8 percent in October from a month ago level. Sales of commercial vehicles on the other hand, carried the growth with a 16.9 percent growth in October sales versus September, selling a total of 8,463 units for the month.
Within the category, the popular light commercial vehicle segment which is composed of pick up trucks, vans, and c-wagons, increased by 13.5 percent selling 5,182 units.
LCVs sales remain strong with a growth of 10.7 percent for the 1st 10 months of the year. Asian Utility Vehicles (AUVs) sold 2,951 units in October with a 22.9 percent increase although year-to-date it still showed a decline of more than nine percent for the year.