September 18, 2024 | 12:00am
MANILA, Philippines — Motor vehicles sold in the country zoomed by 6.6 percent in August, driven by model introductions in recent months.
A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed vehicle sales reached 39,155 units in August, higher than the 36,714 units in the same month last year.
Compared to the 39,331 units sold in July, motor vehicle sales in August slipped by 0.4 percent.
Passenger car sales in August dropped by 5.6 percent to 9,529 units from last year’s 10,094 units.
Meanwhile, sales of commercial vehicles climbed by 11.3 percent to 29,626 units in August from 26,620 units in the same month a year ago.
From January to August, CAMPI and TMA’s total sales reached 304,765 units, 10.3 percent higher than the 276,215 units in the same period in 2023.
Passenger car sales increased by 14 percent to 80,327 units as of end-August from 70,451 units in the same period a year ago, while commercial vehicle sales also grew by 9.1 percent to 224,438 units from 205,764 units.
Commenting on the data, Rizal Commercial Banking Corp. chief economist Michael Ricafort said “newer models, more brands, more electric vehicle and hybrid vehicles sales, favorable demographics, improving employment data in recent months (are) still driving demand/sales of vehicles.”
Ricafort said the sales performance was also supported by the double-digit growth in consumer loans, particularly auto loans, despite relatively higher interest rates that increased borrowing/financing costs since 2022.
“For the coming months, lower Fed (US Federal Reserve) and local policy rates could increase demand for auto loans and also vehicle purchases,” Ricafort said.
Toyota Motor Philippines Corp. remained the market leader in the seven-month period with a 46.15-percent share, followed by Mitsubishi Motors Philippines Corp. with 19.2 percent and Ford Motor Co. Philippines Inc. with 6.22 percent.
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