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Friday, March 29, 2024

Automotive sales grew 8.7% in first 8 months

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Vehicle sales increased 8.7 percent in the first eight months of 2107 to 268,424 units from 229,919 units year-on-year despite a weaker turnout in August.

Officials of the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association attributed the slight decline in sales in August to the “ghost month” when buyers postpone their business decisions.

Total year-to-date passenger car sales hit 91,191 units, up 7.3 percent from 84,926 units in 2016, while commercial vehicle sales reached 177,295 units, 22.3 percent higher than the previous year’s 144,993 units.

Sales of Asian Utility Vehicle jumped 29.6 percent to 53,743 units, while those of light commercial vehicle sales grew 19.4 percent to 112,827 units. Sales of light truck and trucks and buses category IV also increased 19.1 percent and 36 percent to 6,414  units and 2,978 units, respectively.

Toyota Motor Philippine, Corp. remained the market leader with a market share of 44.1 percent while Mitsubishi Motors Philippines Corp. was in second with a share of 17.68 percent.

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Rounding up the rest of the top five car companies were Ford Motor Company Philippines Inc. with 8.51 percent share; Isuzu Philippines Corp. with 6.84 percent; and Honda Cars Philippines Inc. with 6.71 percent.

Meanwhile, Hyundai Asia Resources Inc. said August sales reached 3,273 units, 17 percent up from 2,798 units on year.

The figure propelled Hyundai’s January to August year-to-date sales to 24,233 units, up 9 percent from 22,134 units on year.

“Hyundai continues to test its limits, finding new ways of enriching customer experience across all touch points of our operations. We take pride in understanding our customer’s desire and creating value through innovative experiences. Through this, we hold true to our vision of becoming the most beloved lifetime partner of the Filipino people,” said company president and CEO Ma. Fe Perez-Agudo.

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