Auto sales up 16% in 10 months to October ahead of excise tax

AUTO sales in the 10 months to October rose 16% year on year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said, citing a rush to make purchases before a higher excise tax kicks in next year.

In a report released by CAMPI on Thursday, year-to-date sales at the end of October totaled 339,380 units for both associations from 292,502 a year earlier.

CAMPI President Rommel Gutierrez in a statement said sales were also strong due to “competitive promotional support and marketing activities.”

“Higher sales… were driven by the continued surge in demand as well as promotional support to further support the key models. The outlook for the succeeding months remains strong, driven by the good sales performance of key models from major players,” he added.

Commercial vehicle ( CV) sales rose 22.9% to 226,039 units in the 10 months, while passenger car (PC) sales rose 4.4% to 113,341 units.

According to CAMPI, strong demand was driven by fleet sales and the availability of inventory.

In October, sales rose 17.3% to 36,511 units.

Compared to September, October PC sales grew 11.1% to 11,686 units, while CV sales rose 3.7% to 24,825 units.

In the 10 months to October, sales of Asian Utility Vehicles ( AUV) and Light Commercial Vehicles ( LCVs) rose 24.10% and 22.50%, respectively, to 66,582 and 145,485 units.

In October, AUV sales rose 14.7% to 6,858 units while LCV sales rose 2.4% to 16,521 units.

Toyota Motors Philippines Corp. topped all manufacturers in terms of market share in the 10 months to October, with 44%. Mitsubishi Motors Philippines Corp accounted for 17.61% of the market, while Ford Motor Co. Philippines held 8.42% of the market. —