Vehicle sales recover slightly in February

Local vehicle assemblers remain optimistic the automotive industry is on the recovery track this year as sales rose slightly in February from the same month a year ago.

A joint report released yesterday showed combined sales of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association Inc. (TMA) reached 26,327 units in February, up 0.6 percent from 26,176 units last year.

Sales of passenger cars (PC) grew 3.4 percent to 8,471 units in February from the previous year’s 8,192 units.

The commercial vehicle (CV) segment, meanwhile, saw sales dip 0.7 percent to 17,856 units in February from 17,984 units a year ago.

For the first two months of the year, CAMPI and TMA’s sales were down eight percent to 53,215 units from 57,821 units in the same period last year.

PC car sales declined 5.7 percent to 16,958 units as of end-February from the previous year’s 17,982 units.

CV sales also slid nine percent to 36,257 units in the January to February period from 39,839 units a year ago.

As of end-February, Toyota Motor Philippines Corp. remained the top automotive company in the country with a 38.75 percent market share.

Mitsubishi Motors Philippines Corp. placed second with a 19.62 percent share, followed by Nissan Philippines Inc. with 12.45 percent share.

Ranking fourth and fifth are Honda Cars Philippines Inc. and Ford Motor Co. Phils. Inc. with respective shares of 8.33 percent and 6.90 percent.

CAMPI president Rommel Gutierrez said in a text message yesterday the slight increase in sales in February is indicative of the industry being on its way to recovery this year.

Higher taxes imposed on vehicles under a tax law implemented last year took a toll on the automotive industry, which ended 2018 with lower sales.

Combined sales of the CAMPI and TMA, in particular, dropped 16 percent to 357,410 units last year from 425,673 units in 2017.

Gutierrez said the group is sticking to its 10 percent growth projection for automotive sales this year.