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Friday, March 29, 2024

Automotive sales slumped 13.3% to 294,207 units in first 10 months

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Automotive sales dropped 9.2 percent in October to 33,150 vehicles from 36,511 units a year ago, two industry groups said Tuesday.

The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report that on a month-on-month basis, sales improved 6.5 percent from 31,116 vehicles delivered in September.

Total sales in the first 10 months of the year was still down 13.3 percent to 294,207 units from 339,380 units in the same period last year.

Both industry groups said despite the year-on-year decline, sales figures started to improve in terms of month-on-month performance.

Campi president Rommel Gutierrez said the positive month-on-month growth was largely due to aggressive marketing promotions and availability of new model units in line with the recently concluded 7th Philippine International Motor Show.

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“We remain optimistic that sales growth will be sustained in November, as we expect more sales from PIMS will be delivered this month,” he said.

Passenger car segment sales posted a minimal 0.03 percent increase to 9,444 units in October from 9,441 units in September, while commercial vehicle sales jumped 9.4 percent to 23,706 units from 21,675 units. 

The Asian utility vehicle segment posted a double-digit growth of 16.5 percent, with 3,409 units from 2,926 units a month ago.

The light commercial vehicle segment picked up 7.2 percent to 18,896 units from 17,626 units. 

Toyota Motor Philippines Corp. continue to lead the market with a 42.2-percent market share, followed by Mitsubishi Motor Philippines Corp. with 19.2 percent. 

Nissan Philippines Inc. ranked third with 9.6 percent, followed by Ford Motor Company Philippines Inc. and Honda Cars Philippines Inc. with 6.7 percent and 6.6 percent, respectively.

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