By Justine Irish D. Tabile, Reporter
PHILIPPINE automotive gross sales grew by an annual 6.6% in August, regardless of a decline in passenger automobile gross sales, in keeping with 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 39,155 models in August from 36,714 models in the identical month final yr.
Month on month, automobile gross sales inched down by 0.4% from the 39,331 models offered in July.
August gross sales have been dampened by the 5.6% drop in passenger automobile gross sales to 9,529 models from 10,094 models offered a yr in the past.
Month on month, passenger automobile gross sales slumped by 12.76% from 10,923 models in July.
Nonetheless, this was offset by the 11.3% annual soar in industrial car gross sales to 29,626 models in August from 26,620 a yr in the past. Business automobiles accounted for 75.66% of the trade’s complete gross sales.
Month on month, gross sales of business automobiles elevated by 4.3%.
Damaged down, gentle industrial car gross sales went up by 3.3% yr on yr to 21,812 models, whereas gross sales of Asian utility automobiles (AUV) surged by 53.5% to six,829 models.
Gross sales of medium vehicles slid by 4.9% to 312, whereas gross sales of heavy vehicles fell by 64.8% to 45. Mild-duty truck and bus gross sales went up by 5.2% to 628 models.
For the first eight months, car gross sales went up by 10.3% to 304,765 models from 276,215 models a yr in the past, CAMPI-TMA information confirmed.
Passenger automobile gross sales jumped by 14% to 80,327 models within the January-to-August interval, whereas industrial car gross sales elevated by 9.1% to 224,438 models.
Rizal Business Banking Corp. Chief Economist Michael L. Ricafort mentioned new car launches and enhancing employment information are driving the expansion of automobile gross sales in latest months.
“Newer fashions, extra manufacturers, extra electrical and hybrid automobiles [launches], favorable demographics, and enhancing employment information in latest months are nonetheless driving the demand for automobiles,” Mr. Ricafort mentioned in a Viber message.
“[This was] mirrored within the double-digit progress in client loans, significantly auto loans, defying comparatively greater rates of interest,” he added.
A preliminary report from the Bangko Sentral ng Pilipinas confirmed that client loans to residents grew by 24.3% to P1.42 trillion as of end-July, with motorized vehicle loans going up by 19.9% to P424.93 billion.
“For the approaching months, decrease Federal Reserve and native coverage charges might enhance demand for auto loans and likewise car purchases,” Mr. Ricafort mentioned.
In August, the Bangko Sentral ng Pilipinas (BSP) minimize coverage charges for the primary time in almost 4 years. The benchmark price was trimmed by 25 foundation factors to six.25%, from the almost 17-year excessive of 6.5%.
Toby Allan C. Arce, head of gross sales buying and selling at Globalinks Securities and Shares, Inc., mentioned the auto trade’s gross sales have been pushed by industrial automobiles.
“These automobiles cater extra to companies, logistics, and transport wants, reflecting a shift in direction of utility and performance, presumably in response to elevated demand for supply providers, logistics assist, or enterprise expansions within the post-pandemic period,” mentioned Mr. Arce by way of Viber.
“The passenger automobile section noticed a notable drop in August. Nonetheless, the continued robust efficiency within the industrial sector greater than offset this decline, suggesting that companies, relatively than people, are main the market’s restoration,” he added.
Within the first eight months, Toyota Motor Philippines Corp. remained the market chief with gross sales of 140,654 models, up by 10.9% from 126,795 models a yr in the past. Toyota gross sales accounted for 46.15% of the trade’s complete.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.2%. Mitsubishi gross sales jumped by 16% to 58,513 models within the first eight months.
In third spot was Ford Motor Co. Phils., Inc. which noticed gross sales drop by 3.8% to 18,961 models. This accounted for six.22% of the trade.
Rounding out the highest 5 have been Nissan Philippines, Inc., whose gross sales went up by 2.2% to 18,270, whereas Suzuki Phils., Inc. posted an 11.7% rise in gross sales to 13,206 models.
Final month, CAMPI raised its gross sales goal to 500,000, from 468,300 initially. If realized, this would be the trade’s highest annual gross sales thus far and can characterize a 16.3% enhance from final yr’s 429,807 models offered.
