7-month car sales slow down by 14%

Philippine-automotive-industry

Manila, Philippines — Vehicle makers continue to record sluggish sales as their combined rollouts declined by 14.4 percent in the seven months to July from a year ago on continued weak demand for cars.

Data released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association Inc. (TMA) showed their aggregate sales reached 199,628 units from January to July down from the 233,115 units in the same period last year.

Total sales were down year-on-year as all segments posted declines except Category 4 and 5 trucks and buses, which grew 13 percent and 18.3 percent, respectively.

Passenger car sales reached 63,004 units in the seven-month period, 21.1 percent lower than the 79,881 units a year ago.

Commercial vehicle sales likewise slid 10.8 percent to 136,669 units in the seven-month period from the previous year’s 153,234 units.

Sales of Asian utility vehicles (AUV) dropped 31.2 percent to 32,274 units in the January to July period from 46,879 units last year, while light commercial vehicles (LCV) sales dipped slightly to 95,997 units from 97,328 units a year ago.

The number of light trucks sold also fell 21.7 percent to 4,208 units as of end-July from 5,373 units the previous year.

For the month of July alone, combined sales of CAMPI and TMA declined 24 percent to 28,038 units from last year’s 36,951 units.

Passenger car sales fell 45 percent to 6,975 units from 12,701 units in the same month a year ago.

Sales of commercial vehicles also slid 13 percent to 21,063 units from 24,250 units last year.

AUV sales reached 3,995 units, down 48.5 percent from 7,764 units last year, while LCV sales rose five percent to 15,749 units from 15,000 units a year ago.

Sales of light trucks decreased 13.3 percent to 735 units from 848 units the previous year.

Category 4 trucks and buses grew 8.9 percent to 455 units in July from 418 units a year ago, while Category 5 trucks and buses fell 41.4 percent to 129 units from last year’s 220 units.

Toyota Motor Philippines Corp. kept its position as the industry leader with 42.3 percent market share in the January to July period.

Mitsubishi Motors Philippines Corp. also held on to the second spot with a 19.5 percent market share, followed by Nissan Philippines Inc. in third place with a market share of eight percent.

Ford Motor Co. Philippines Inc. and Honda Cars Philippines  Inc. remained on the fourth and fifth spots with 7.4 percent and 6.9 percent market share, respectively.

Despite weak demand for cars due to rising inflation and the impact of higher taxes slapped on vehicles, CAMPI said earlier it is hopeful sales would recover in the coming months.

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