Strong demand for trucks tow vehicle sales higher in October
Automotive vehicle sales for October 2017 increased by 17.3 percent year-on-year.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA), in a joint report released Thursday, said car sales reached 36,511 units in October 2017 from 31,132 units in 2016.
Commercial vehicle sales remained robust at 26.4 percent growth rate, with sales of 24,825 units this year from 19,633 units a year ago.
On the other hand, passenger car sales only inched up by 1.6 percent last month to 11,686 units from 11,499 units in October 2016.
“Higher sales for October was driven by the continued surge in demand as well as promotional support to further support the key models,” CAMPI President Rommel Gutierrez said.
“The outlook for the succeeding months remains strong, driven by the good sales performance of key models from major players. In addition to this is the competitive promotional support and marketing activities to further push vehicles,” added Gutierrez.
Year-to-date, auto sales rose 16 percent to 339,380 units this year from 292,502 units in January to October 2016.
Commercial vehicles sales increased 22.9 percent to 226,039 units, while passenger cars sold 113,341 units, higher by 4.4 percent a year ago.
Industry leaders in the local market for the first 10 months of the year were Toyota, Mitsubishi, Ford, Honda, and Isuzu. (PNA)