Vehicle sales zoom to new high in October

MANILA, Philippines - The local automotive industry zoomed to a new monthly sales record after 28,667 vehicle units were sold last month.

A joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed vehicle sales in October overtook the previous record of 27,045 units just a month earlier, fueling 10-month sales this year to 234,951 units or 22.4 percent higher than the 192,005 units in the same period last year.

CAMPI and TMA said both passenger car and commercial vehicle categories posted higher sales last month.

“The progress of the economy bodes well for the auto industry. More people can now purchase cars and with relative ease. With attractive financing options coupled with new model introductions to match customer needs, cars are definitely appealing to new buyers. We are confident to meet our forecast for 2015,” CAMPI president Rommel Gutierrez said.

Of the total number of units sold in October, 40 percent were passenger cars while commercial vehicles accounted for the bulk at 60 percent.

The passenger car segment grew 25.2 percent with 11,235 units sold in October compared to 8,975 units sold in the same month last year.

Gutierrez attributed the continued growth of the segment to constant marketing efforts and attractive financial options being made available to buyers.

“New and refreshed models introduced also helped the market to continue to grow,” he said.

Sales of commercial vehicles, meanwhile, registered a 31 percent year-on-year increase in October to 17,432 units.

The report said Toyota Motor Philippines Corp. sold the most number of units last month as it cornered 43.28 percent share of the market.

Mitsubishi Motors Philippines Corp. and Ford Motor Co. Philippines Inc. followed with 19.07 percent and 8.33 percent market share, respectively.