Vehicle sales pick up in August, still lag behind 2017 output

Sales of vehicle assemblers from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association Inc. (TMA) picked up in August compared to the previous month, but were still down compared to a year ago.

Data released yesterday showed CAMPI and TMA sold a combined 30,313 units in August, up eight percent from 28,038 units in July.

Compared to the 35,309 units sold in August last year, the latest result is down by 14 percent.

CAMPI president Rommel Gutierrez said the companies got a boost from intensive promotional campaigns and new model launches.

“Coming from a doubledigit decline in July, our August sales performance is an indication of improving consumer confidence,” he said.

The passenger car (PC) segment registered the highest month-on-month growth at 24.4 percent with 8,678 units in August from 6,975 units in July.

PC sales, however, declined 22.9 percent from the 11,258 units sold in the same month last year.

Sales of commercial vehicles (CV) also rose 2.7 percent to 21,635 units in August from 21,063 units in July, but slid 10 percent from 24,051 units in the same month a year ago.

For the January to August period, CAMPI and TMA sales reached 229,941 units, 14.3 percent lower than the previous year’s 268,424 units.

PC sales as of end-August dropped 21.4 percent to 71,637 units from 91,139 units last year.

CV sales also decreased 10.7 percent to 158,304 units in the January to August period from the previous year’s 177,285 units.

Demand for vehicles has been affected by the rising inflation rate, as well as higher taxes imposed on automobiles under the government’s tax reform program.