Philippine Car Sales Down 14.9% in August

Vehicle sales for the month of August dropped 14.9 percent due in part to limited stock availability, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report.

However, cumulative sales for the first eight months of the year showed a 13.1 percent growth. In fact, when compared to other countries, the Philippines is doing well. For instance, the US auto market has been dropping for 10 straight months.

In a statement, CAMPI president Elizabeth H. Lee said August is considered the ghost month in the industry because it is seasonally low month“Auto sales are still on track to reach forecasted growth targets,” Lee said.

According to Lee, sales are expected to increase in the coming months especially with new models recently launched.

Sales targets for the segment are still on target for the year, she added.

Meanwhile, Toyota Motor Philippines sold the most vehicles from January to August this year as it captured 36.1 percent of the market. It has sold 30,073 units overall.

Mitsubishi Motors Philippines Corp. commanded 11.4 percent shares with 8,365 units while Honda Cars Philippines Inc. was a close third with 9.1 percent of the market which translates to 7,679 units.

Sales for both commercial vehicles and passenger cars went down by 21.8 percent and 2.7 percent, respectively.

Lee said the limited stock availability was the source of the decline for passenger car sales. Lee said they expect the trend to be corrected in the coming months. She said September will be a better month for car sellers because of the launch of new models.

Passenger car sales make up 35.2 percent of the market while commercial vehicles continue to dominate the market with a 64.8 percent market share.

Toyota sold the most cars as it cornered 40 percent of the market or 11,730 units in August. Honda sold 7,482 units representing 25.2 percent of the market. Hyundai Asia Resources Inc. was a far third with 8.8 percent market share selling 2,486 units.

By Ma. Elisa P. Osorio, Philippine Star

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