Automotive sales increased 37 percent in September from the previous month, putting the industry on track to a stronger recovery in the fourth quarter.
The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report Monday their members sold 24,523 vehicles in September, up from 17,906 units they delivered in August.
Sales, however, were still down by 22.9 percent from the same month last year, as consumer spending remained below pre-pandemic levels.
The two industry group said month-on-month sales were increasingly improving from rock bottom levels in the early stages of the quarantine period.
“CAMPI remains optimistic that the automotive sector will recover until the end of the year amid the new normal environment as the industry posted double-digit growth of 37 percent in September,” said CAMPI president Rommel Gutierrez.
Data showed passenger car sales went up 34. 9 percent in September to 8,556 units from 5,454 units in August, while commercial vehicle sales surged 65.1 percent to 15,967 units from 13,452 units.
Gutierrez said the demand for new cars posted a double-digit growth month-on-month across all vehicle categories, except trucks and buses.
“But we are still cautious that consumer spending is below pre-pandemic levels due to the evident shifts to essentials goods and services,” he said.
CAMPI said year-on-year sales fell 22.9 percent from 31,820 vehicles sold in September 2019. Passenger car sales dropped 12 percent from 9,721 units during the period, while commercial vehicle sales fell 27.7 percent from 22,099 units.
The two industry groups said total sales in the first nine months slumped 44.6 percent to 148,012 units from 267,364 units in the same period last year.