Auto sales increase in February

MANILA, Philippines (Xinhua) - Automotive sales rose in February to 20,663 units, increasing by 22.6 percent compared to the same month last year, according to data released today.

In a report jointly published by the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association, year-to-date sales went up by 21 percent to 39,325 units from 32,506 units in the same period in 2014.

Month-on-month sales grew 11 percent to 20,663 units in February from 18,662 units in January, said the report.

All product categories enjoyed brisk sales, according to the report.

In the passenger car segment, consumers continued to take advantage of the offers attached to new models introduced since the last quarter of 2014 as sales grew by 44.4 percent to 8,149 units from 5,644 units, year-on-year.

Forecasts indicate that sales in 2015 may reach 310,000 units, representing a 15 percent growth over the 269,058 units sold in 2014.

Toyota Motor Philippines Corporation stayed as the market leader with an improved market share of 44.7 percent followed by Mitsubishi Motor Philippines Corporation with an 18.6-percent market share. Ford Motor, Isuzu, and Honda were ranked the third to the fifth.