Car sales surge 42% in October

VEHICLE SALES accelerated 42.4% in October, driven mainly by strong commercial vehicle sales as economic activity continues to pick up.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed vehicle sales reached 32,146 units in October, higher than the 22,581 units sold in the same month last year.

“The continued double-digit growth recorded anew in October is boosting optimism for the automotive industry, further accelerating full recovery this year from the pandemic disruptions,” CAMPI President Rommel R. Gutierrez said in a separate statement.

Commercial vehicle sales jumped 59.5% to 23,852 units in October, accounting for 74.20% of the industry’s total sales for the month.

Sales of light commercial vehicles (LCVs) grew 58.5% to 18,184 units, followed by Asian utility vehicles (AUVs) which surged 84.6% to 4,688 units.

On the other hand, passenger car sales rose 8.8% to 8,294 in October, accounting for 26% of the industry’s total.

For the first 10 months of the year, CAMPITMA members saw a 30.9% increase in vehicle sales to 280,300 units.

“Sustaining this growth trend in the remaining months of the year gives us confidence that the industry will be able to emerge strong, exceeding its forecast speaking from the current business-as-usual standpoint,” Mr. Gutierrez said.

Commercial vehicle sales increased 45.6% to 211,948 units sold, driven by double-digit growth in LCVs and AUVs.

However, passenger car sales slipped 0.4% to 68,352 units in the 10-month period.

Toyota Motor Philippines Corp. remained the leader with a 50.10% market share, after selling 140,425 units so far this year.

Other top manufacturers include Mitsubishi Motors Philippines Corp. at 14.51% or 40,666 units sold; Ford Motor Co. Phils., Inc. at 6.65% or 18,645 units sold; Nissan Philippines, Inc. at 6.34% or 17,762 units sold; and Suzuki Phils., Inc. at 5.77% or 16,167 units sold.

CAMPI earlier said it targets to sell 336,000 units this year, up by 17% compared with the 268,488 units sold in 2021.