By Justine Irish D. Tabile, Reporter
PHILIPPINE AUTOMOTIVE sales growth slowed to 2.4% in September, amid flat sales of commercial vehicles, in keeping with an industry report.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed vehicle sales rose to 39,542 units in September from 38,628 units in the identical month last yr.
The two.4% sales growth in September was the slowest since March when vehicle sales inched up by 1.6%.
Month on month, automobile sales rose by 1% from the 39,155 units sold in August.
“The rise could be attributed to recent stock arrivals and improved promotions from the brands,” CAMPI President Rommel R. Gutierrez said in a press release on Wednesday.
“There have been no recent model releases last September, possibly because of the brands’ preparation for the upcoming Philippine International Motor Show in October where we expect recent launches shall be made,” he added.
September sales were driven by a 9.2% increase in passenger automobile sales to 10,438 units from 9,558 units sold a yr ago. Month on month, passenger automobile sales went up by 9.54%.
Then again, sales of economic vehicles inched up by 0.1% to 29,104 units in September from 29,070 a yr ago. Industrial vehicles accounted for 73.6% of the industry’s total sales.
Month on month, sales of economic vehicles declined by 1.8%.
Amongst industrial vehicles, Asian utility vehicle (AUV) sales surged by 43.8% yr on yr to 7,123 units, while sales of medium trucks grew by 23.4% to 401.
Nevertheless, sales of sunshine industrial vehicles fell 9.2% to twenty,964 units, while sales of sunshine and heavy trucks fell by 11% and 11.1% to 544 and 72, respectively.
For the first nine months of 2024, vehicle sales went up by 9.4% to 344,307 units from 314,843 units a yr ago, CAMPI-TMA data showed.
Passenger automobile sales jumped by 13.4% to 90,765 units within the January-to-September period, while industrial vehicle sales increased by 8% to 253,542 units.
Rizal Industrial Banking Corp. Chief Economist Michael L. Ricafort said the annual sales growth rate in September was slower than the double-digit growth rates seen a couple of months ago.
“This will be partly attributed to higher normalizing base or denominator effects and still relatively higher rates of interest in recent months,” he said in a Viber message.
“However the year-to-date vehicle sales growth remains to be faster than the economic growth, which is a vibrant spot for the economy,” he added.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan attributed the slower growth to seasonal demand.
“Seasonal trends played a job, with sales dipping after August’s promotions, resulting in declines in segments like light industrial vehicles and heavy-duty trucks,” said Mr. Limlingan in a Viber message.
“Moreover, the strong sales momentum in August likely pulled forward some demand, leading to more subdued growth in September,” he added.
Mr. Limlingan said higher rates of interest and elevated inflation could have also weighed on consumers’ decisions when making big-ticket purchases like cars.
In the primary nine months, Toyota Motor Philippines Corp. remained the market leader with sales of 159,088 units, up by 10.3% from 144,232 units a yr ago. Toyota sales accounted for 46.2% of the industry’s total.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.18%, as sales jumped by 13.7% to 66,028 units in the primary nine months.
In third spot was Ford Motor Co. Phils., Inc. which saw sales drop by 7.2% to 21,438 units. This accounted for six.23% of the industry.
Rounding out the highest five were Nissan Philippines, Inc., whose sales went up by 1.4% to twenty,322, while Suzuki Phils., Inc. posted an 11.1% rise in sales to 14,990 units.
CAMPI set a sales goal of 500,000 this yr. If realized, this shall be the industry’s highest annual sales up to now and can represent a 16.3% increase from last yr’s 429,807 units sold.
