THE Philippine automotive industry reported brisk sales in September which grew by 16.2 percent from a year ago, as new model introductions fueled continued strong demand underpinned by a stable domestic economy.
In a joint-report released on Tuesday, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) said their members sold a total of 31,451 units during September compared to 27,069 units sold in the same month last year.
“With continued strong market demand and enough supply and new model introductions during the 6th Philippine International Motor Show [PIMS] in September, third quarter sales remained strong. We expect sustained growth as we enter the fourth quarter,” according to Rommel Gutierrez, president of Campi.
The Campi-TMA report said sales of both passenger cars (PC) and commercial vehicles (CV) were higher in September from a year ago.
Sales in the PC segment reached 12,110 units, 13.1 percent higher versus September 2015 and 8.7 percent higher versus the previous month, while sales in the CV segment grew by 18.2 percent from a year earlier although there was a decline of 9.4 percent from August.
Gutierrez said most categories within the CV segment continued to grow in September. Category I (AUVs) sales reached 5,954 units or up 34.9 percent from a year ago.
Category III (LCV) sales hit 754 units, surging 74.1 percent from the 433 units sold in the same month in 2015.
However, sales in Category V (Heavy Duty Trucks and Buses) declined in September to 129 units sold from 132 units delivered in September 2015.
With year-to-date automotive sales reaching 261,370 units, Toyota Motor Philippines Corp. remains on top with a 43.78-percent market share, followed by Mitsubishi Motors Philippines Corp. with a 17.34-percent share and Ford Motor Co. Philippines Inc. in third place with a 9.56-percent market share.
Ranked fourth is Isuzu Philippines Corp. with 7.47 percent followed by Honda Cars Philippines Inc. at fifth with a 6.51-percent market share, the report said.