Vehicle sales jumped 28.7 percent to a record 28,667 units in October from 22,278 units sold a year ago, two industry groups said Monday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report sales in October also topped September’s record sales of 27,045 units by 5.9 percent.
The latest figure brought total vehicle sales in the first 10 months to 234,951 units, or 22 percent higher than 192,005 units sold in the same period in 2014.
“The progress of the economy bodes well for the auto industry. More people can now purchase cars and with relative ease,” said Campi president Rommel Gutierrez.
“With attractive financing options coupled with new model introductions to match customer needs, cars are definitely appealing to new buyers. We are confident to meet our forecast for 2015,” he said.
Gutierrez said given the 10-month tally, the industry expected to hit its sales target of 310,000 units for 2015.
He said both passenger cars and commercial vehicles posted good performance in October.
The passenger cars segment saw sales increase 25.2 percent in October to 11,235 units from 8,975 units in October 2014. Passenger cars are also known as sedans.
Campi said constant marketing efforts and attractive financial options drove sales of the category, as new and refreshed models were introduced this year to help the market grow.
Sales of commercial vehicles grew 31 percent in October to 17,432 units from 13,303 units in the same month in 2014.
Both Campi and TMA said sales were expected to peak in November and December, the usual months were most sales were generated in the past.
Toyota Motor Philippines Corp. remained the market leader, with a 43.28-percent market share in October, followed by Mitsubishi Motors Philippines Corp. with 19.07 percent.
Ford Motor Company Philippines Inc.was third with 8.33-percent share, while Isuzu Philippines Corp. ranked fourth spot with 7.8 percent.
Honda Cars Philippines Inc. held the fifth biggest market share with 6.83 percent.