Vehicle sales fell 14.1 percent in August from a year ago, an improvement from the 24.1-percent slump in July, data from two industry groups show.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said their members sold 30,313 vehicles in August, down from 35,309 units in the same month last year.
Campi said that on a monthly basis, sales actually increased 8.1 percent from 28,038 units sold in July 2018, a welcome development for automotive stakeholders.
Both the passenger car and the commercial vehicle segments posted growth of 24.4 percent and 2.7 percent, respectively.
Data showed that from 6,975 units sold in July, sales of passengers cars increased to 8,678 units in August, while commercial vehicles sales in August also grew to 21,635 units from 21,063 units in July.
Both groups noted that commercial vehicle sales was pushed by the light commercial vehicle category, which grew 10.2 percent to 17,354 units.
Asian utility vehicles and light commercial trucks posted sales decline of 25.4 percent to 2,981 units and 6.8 percent to 685 units, respectively.
Campi president Rommel Gutierrez said car sales were boosted by intensive promotional campaigns and new model launches.
“Coming from a double-digit decline in July, our August sales performance is an indication of improving consumer confidence,” he said.
Toyota Motor Philippines Corp. continued to dominate the automotive market with 42-percent share, followed by Mitsubishi Motors Philippines Corp. with 19.2 percent, Nissan Philippines Inc. with 9 percent, Ford Motor Company Philippines Inc. with 7.1 percent and Honda Cars Philippines Inc. with 6.7 percent.
Aggregate sales in the first eight months declined 14.3 percent to 229,941 units from 268,424 units delivered in the same period in 2017.
The industry remains optimistic that vehicle sales will pick up in the fourth quarter. The upcoming 7th Philippine International Motor Show in October is expected to sustain consumer confidence and boost auto sales, the two groups said.