By means of Justine Irish D. Table, Reporter
PHILIPPINE AUTOMOTIVE sale Growth slowed to 2.4% in September Flat sales from comcommercial vehicles, according to a industry report.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) show that car sales increased to 39,542 units in September, compared to 38,628 units in the same month last year.
September’s 2.4% sales growth was the slowest since March, when car sales rose 1.6%.
Month on month, car sales increased by 1% compared to the 39,155 units sold in August.
“The increase can be attributed to new inventory supplies and improved promotions of the brands,” CAMPI President Rommel R. Gutierrez said in a statement on Wednesday.
“There were no new model releases last September, possibly due to the brands’ preparation for the upcoming Philippine International Motor Show in October where we expect new launches to take place,” he added.
September sales were driven by a 9.2% increase in passenger car sales to 10,438 units, compared to 9,558 units sold a year ago. Month on month, passenger car sales increased by 9.54%.
On the other hand, commercial vehicle sales rose 0.1% to 29,104 units in September, compared to 29,070 a year ago. Commercial vehicles accounted for 73.6% of total industry sales.
Month on month, commercial vehicle sales fell by 1.8%.
Among commercial vehicles, Asian commercial vehicle (AUV) sales rose 43.8% year-on-year to 7,123 units, while mid-size truck sales grew 23.4% to 401 units.
However, light commercial vehicle sales fell 9.2% to 20,964 units, while light and heavy truck sales fell 11% and 11.1% to 544 and 72 respectively.
For the FIn the first nine months of 2024, car sales rose 9.4% to 344,307 units, compared to 314,843 units a year ago, CAMPI-TMA data showed.
Passenger car sales rose 13.4% to 90,765 units in the January to September period, while commercial vehicle sales rose 8% to 253,542 units.
Michael L. Ricafort, chief economist of Rizal Commercial Banking Corp., said annual sales growth in September was slower than the double-digit growth rates of a few months ago.
“This can be partly attributed to a higher normalizing base or denominator eFfects and still relatively higher interest rates in recent months,” he said in a Viber message.
“But car sales growth this year is still faster than economic growth, which is a bright spot for the economy,” he added.
Luis A. Limlingan, chief sales officer for Regina Capital Development Corp., attributed the slower growth to seasonal demand.
“Seasonal trends played a role, with sales declining after August promotions, leading to declines in segments such as light commercial vehicles and heavy trucks,” Mr Limlingan said in a Viber message.
“In addition, strong sales momentum in August likely increased demand, leading to more moderate growth in September,” he added.
Mr Limlingan said higher interest rates and increased interest ratesFThis could also have influenced consumers’ decisions when making major purchases, such as cars.
In the first nine months, Toyota Motor Philippines Corp. market leader with sales of 159,088 units, an increase of 10.3% compared to 144,232 units a year ago. Toyota sales accounted for 46.2% of the industry total.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.18%, while sales rose 13.7% to 66,028 units in the first nine months.
In third place was Ford Motor Co. Phils., Inc., where sales fell 7.2% to 21,438 units. This accounted for 6.23% of the industry.
The top five was rounded out by Nissan Philippines, Inc., whose sales rose 1.4% to 20,322, while Suzuki Phils., Inc. posted a sales increase of 11.1% to 14,990 units.
CAMPI set a sales target of 500,000 copies this year. If achieved, this will be the highest annual sales in the industry to date and represent a 16.3% increase over last year’s 429,807 units sold.