Vehicle sales zoom 21% in 9 months

MANILA, Philippines - Sales of the Philippine automotive industry rose 21 percent in the first nine months of the year and are expected to zoom at its fastest pace this fourth quarter.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association Inc. (TMA) showed automotive sales in the January to September period increased to 206,284 units from 169,727 units compared to the same period last year.

With the outcome, vehicle assemblers have become even more optimistic that total sales will hit all-time high levels again by yearend.

CAMPI expects its combined sales with the TMA to reach 310,000 units this year, up from last year’s record performance of 234,747 units.

“The industry is confident to meet its 310,000 target for the year as it enters the last quarter which normally posts the highest sales,” CAMPI said in a statement.

The joint report said vehical sales reached a record-high 27,045 units last month with all vehicle categories performing well.

Passenger cars increased to 10,703 units, a 26 percent increase from the 8,477 units sold in September last year.

The growth was attributed to the continued marketing efforts, new models, and flexible financing options being offered to the consumers by car companies.

“Customers continue to take advantage of attractive financing packages and strong vehicle line-up. This made way to greater mobility made more convenient and affordable,” CAMPI president Rommel Gutierrez said.

Commercial vehicles sales also improved 32 percent to 16,366 units last month from 12,447 units in the same month last year.

CAMPI and TMA said demand continued to come from construction companies undertaking refleeting and new city projects.

The report indicated that Toyota Motor Philippines Corp. remains the market leader with a P40.9 percent market share, followed by Mitsubishi Motors Philippines Corp. with 18 percent.

Reclaiming the third spot, meanwhile, is Ford Group Philippines with 11.3 percent.

Isuzu Philippines, Inc. settled at fourth with a 7.8 percent market share followed by Honda Cars Philippines, Inc. with 7.7 percent share.