MANILA, Philippines — Vehicle sales grew 16.7 percent in the first eight months of the year, data from automotive and truck manufacturers showed.
According to a joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association, the number of vehicles sold from January to August reached 268,424 compared with 229,919 units in the same period a year ago.
In August alone, vehicle sales increased 8.7 percent to 35,309 units. This, however, was 4.4 percent lower than the 36,951 units sold in July.
“August sales result remained stable, driven by the good sales performance of key models from major manufacturers. In addition to this is the competitive promotional support and marketing activities to further push vehicles,” CAMPI president Rommel Gutierrez said.
Sales of commercial vehicles went up 23.3 percent to 177,285 units during the eight-month period.
For the month of August alone, commercial vehicle sales rose 12.7 percent to 24,051 units.
Toyota Motors Philippines Corp. remained the top player in the industry with a 44.1 percent market share. It sold 118,373 units in the first eight months, up 18.4 percent year on year.
This was followed by Mitsubishi Motors Philippines Corp., with a 17.68 percent market share and total sales of 47,467 units or an increase of 17.5 percent.
Ford Motor Co. Phils. Inc., the third largest player, had a market share of 8.51 percent. Isuzu Philippines Corp. and Honda Cars Philippines Inc., meanwhile, accounted for a market share of 6.84 percent and 6.71 percent, respectively.
Honda registered a 24.3 percent increase in sales while Isuzu posted a 5.8 percent improvement.
Hyundai Asia Resource Inc., meanwhile, saw its sales rise nine percent to 24,233 on the back of sustained consumer appetite for its full model lineup.
In August, HARI registered a 17 percent jump in vehicle sales to 3,273 units.
CAMPI expects total industry sales to reach another record high of 450,000 units by the end of the year on the back of continued motorization in the country, coupled with more attractive financing options for car buyers.