The Philippine automotive industry accomplished an all-time high sales record of 22,278 units, exceeding expectations for the month of October.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported that October volume achieved a substantial increase of 32.6 percent or 5,478 unit sales versus same month last 2013. This growth is mainly attributed to new model introductions, aggressive promotional activities and increasing consumer demand.
Both Passenger Car (PC) and Commercial Vehicle (CV) categories’ sales further accelerated compared with October 2013 results. The passenger car segment’s sales reached 8,975 units and a significant growth of 46.5 percent year-on-year. On the other hand, the commercial vehicle segment achieved 13,303 sales and grew by 24.7 percent or 2,631 units versus October 2013.
Within the CV category, all segments exceeded the sales of same month last year except for Category 5. LCV registered 8,519 sales with 29.6 percent increase; AUV accounted for 4,155 sales and 15.5 percent growth; Light Trucks reached 39.5 percent increase, and; Category 4 increased by 17.3 percent. Meanwhile, Category 5 declined by 22.6 percent versus October 2013.
“We are again pleased with the results for the month of October as this is yet another record-breaking monthly sales. Our strong efforts to meet the market’s demand and favorable responses to new models have essentially helped in boosting the automotive industry’s confidence of achieving higher sales for the remaining two months,” explained by CAMPI president Atty. Rommel Gutierrez.
2014 year-to-date sales reached 192,005 units or a growth of 29.6 percent. Toyota Motor Philippines Corporation remains the market leader with 45.2 percent share, an increase of 41.9 percent year-on-year. In the 2nd spot is Mitsubishi Motor Philippines Corporation with 21.7 percent share. Ford Motor Philippines is in the 3rd spot with 8.6 percent share. Honda Cars Philippines displaced Isuzu Philippines Corporation in the 4th position with 5.8 and 5.7 percent market shares respectively.