By Justine Irish D. Tabile, Reporter
PHILIPPINE AUTOMOTIVE gross sales progress slowed to 2.4% in September, amid flat gross sales of commercial autos, in response to an trade report.
A joint report by the Chamber of Automotive Producers of the Philippines, Inc. (CAMPI) and the Truck Producers Affiliation (TMA) confirmed car gross sales rose to 39,542 models in September from 38,628 models in the identical month final 12 months.
The two.4% gross sales progress in September was the slowest since March when car gross sales inched up by 1.6%.
Month on month, automobile gross sales rose by 1% from the 39,155 models bought in August.
“The rise might be attributed to new inventory arrivals and improved promotions from the manufacturers,” CAMPI President Rommel R. Gutierrez mentioned in a press release on Wednesday.
“There have been no new mannequin releases final September, probably because of the manufacturers’ preparation for the upcoming Philippine Worldwide Motor Present in October the place we anticipate new launches might be made,” he added.
September gross sales had been pushed by a 9.2% enhance in passenger automobile gross sales to 10,438 models from 9,558 models bought a 12 months in the past. Month on month, passenger automobile gross sales went up by 9.54%.
Alternatively, gross sales of business autos inched up by 0.1% to 29,104 models in September from 29,070 a 12 months in the past. Business autos accounted for 73.6% of the trade’s whole gross sales.
Month on month, gross sales of business autos declined by 1.8%.
Amongst business autos, Asian utility car (AUV) gross sales surged by 43.8% 12 months on 12 months to 7,123 models, whereas gross sales of medium vehicles grew by 23.4% to 401.
Nevertheless, gross sales of sunshine business autos fell 9.2% to twenty,964 models, whereas gross sales of sunshine and heavy vehicles fell by 11% and 11.1% to 544 and 72, respectively.
For the first 9 months of 2024, car gross sales went up by 9.4% to 344,307 models from 314,843 models a 12 months in the past, CAMPI-TMA knowledge confirmed.
Passenger automobile gross sales jumped by 13.4% to 90,765 models within the January-to-September interval, whereas business car gross sales elevated by 8% to 253,542 models.
Rizal Business Banking Corp. Chief Economist Michael L. Ricafort mentioned the annual gross sales progress charge in September was slower than the double-digit progress charges seen just a few months in the past.
“This can be partly attributed to greater normalizing base or denominator effects and nonetheless comparatively greater rates of interest in current months,” he mentioned in a Viber message.
“However the year-to-date car gross sales progress remains to be quicker than the financial progress, which is a shiny spot for the financial system,” he added.
Regina Capital Improvement Corp. Head of Gross sales Luis A. Limlingan attributed the slower progress to seasonal demand.
“Seasonal traits performed a job, with gross sales dipping after August’s promotions, resulting in declines in segments like mild business autos and heavy-duty vehicles,” mentioned Mr. Limlingan in a Viber message.
“Moreover, the robust gross sales momentum in August probably pulled ahead some demand, leading to extra subdued progress in September,” he added.
Mr. Limlingan mentioned greater rates of interest and elevated inflation may have additionally weighed on shoppers’ choices when making big-ticket purchases like automobiles.
Within the first 9 months, Toyota Motor Philippines Corp. remained the market chief with gross sales of 159,088 models, up by 10.3% from 144,232 models a 12 months in the past. Toyota gross sales accounted for 46.2% of the trade’s whole.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.18%, as gross sales jumped by 13.7% to 66,028 models within the first 9 months.
In third spot was Ford Motor Co. Phils., Inc. which noticed gross sales drop by 7.2% to 21,438 models. This accounted for six.23% of the trade.
Rounding out the highest 5 had been Nissan Philippines, Inc., whose gross sales went up by 1.4% to twenty,322, whereas Suzuki Phils., Inc. posted an 11.1% rise in gross sales to 14,990 models.
CAMPI set a gross sales goal of 500,000 this 12 months. If realized, this would be the trade’s highest annual gross sales to this point and can symbolize a 16.3% enhance from final 12 months’s 429,807 models bought.