CAR SALES in the Philippines fell 8.5% year-on-year in November, largely due to demand for commercial vehicles, the industry reported.
In a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed vehicle sales increased to 40,898 units in November from 37,683 units in the same month in 2023.
Month-on-month, vehicle sales increased by 2.2% from the 40,003 sold in October.
Commercial vehicle sales, which make up 76% of the industry’s total, fell 10.5% to 31,062 in November from 28,114 last year.
Month-on-month, vehicle sales increased by 3.7% from 29,959 in October.
Despite the decline, light vehicle sales increased by 3.2% year-on-year to 22,115 units, while Asian utility vehicle (AUV) sales jumped by 40.7% to 7,890 units and heavy-duty truck and bus sales increased by 2.5% to units. 665. .
However, sales of light trucks and buses fell by 4.8% to 318 units, while those of large trucks fell by 22.1% to 74 units.
On the other hand, sales of passenger cars, which make up a quarter of the industry’s total, rose 2.8% to 9,836 units in November from 9,569 units last year.
Month-on-month, passenger car sales were down 2.07% from 10,044 units sold in October.
In the first 11 months of the year, car sales increased by 8.8% to 425,208 units from 390,654 units in the same period in 2023.
“This growth is reflected in the distribution of market shares, where passenger cars account for 26.02% of the market as 110,645 units were sold, an increase of 11% over last year,” CAMPI-TMA said in a statement.
Commercial vehicle sales rose 8.1% to 314,563 in the January to November period from 290,989 in the same period in 2023, mainly driven by AUV sales.
CAMPI-TMA noted that the AUV segment “showed impressive growth” with current sales of 74,989 units as of the end of November, up 37.3% year-on-year.
Small commercial vehicles, classified under Category II, increased by 1.4% to 229,313 units in the 11-month period.
Sales of heavy duty trucks and buses fell 33.5% to 638 units from the end of November.
Economist Rizal Commercial Banking Corp. Michael L. Ricafort said the annual increase in car sales in November is a good indicator of the growth of the Philippine economy.
“Local car sales and manufacturing growth rates (have) continued above the GDP (gross domestic product) growth rate, as seen in recent months… (These are) good signs for the continued growth and stability of the Philippine economy,” said Mr. Ricafort. in a Viber message.
“The lack of a mass transit system in many parts of the country has increased the need for more Filipinos to buy cars, with more brands and models to choose from amid growing competition from Asian or global automakers,” he added.
In the period from January to November, Toyota Motor Philippines Corp. remained the market leader with a share of 46.51%. Toyota sales rose 9.6% to 197,756 units at the end of November from 180,480 units a year earlier.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.14%. Mitsubishi vehicle sales rose 13.3% in the first 11 months to 81,401 from 71,833.
Ford Motor Co. Phils., Inc. ranked third despite a 9.9% drop in sales to 25,770 units at the end of November from 28,586 last year. Ford sales accounted for 6.06% of the industry.
Rounding out the top five were Nissan Philippines, Inc., whose sales fell 0.9% to 24,516, while Suzuki Phils., Inc. posted an 11% increase in sales to 18,515 units. Nissan had a market share of 5.77%, while Suzuki made up 4.35% of the market.
CAMPI-TMA data also showed that 16 out of 31 firms saw a decline in sales since the end of November.
Previously, CAMPI had set a goal of selling 500,000 in 2024, if it is recognized that this will increase by 16.3% compared to last year’s 429,807 sold and indus cars.try the highest sales so far. – AHHalili
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