Passenger car sales fueled the domestic automotive industry in September, with year-on-year sales jumping 2.4%to 39,542 units from 38,628 units in the same month in 2023, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported.
Passenger car sales reached 10,438 units, 9.2% higher than the 9,558 units sold in September last year.
“The increase can be attributed to new stock arrivals and improved promotions from the brands,” CAMPI president Rommel Gutierrez said in a statement.
Commercial vehicle sales increased 0.1% to 29,104 units from 29,070 units in the same comparable period.
Month-on-month sales in September this year increased by 1% from 39,155 units sold in August.
He said there were no new model releases last month as most vehicle companies aim to launch them at the 9th Philippine International Motor Show from Oct. 24 to 27.
Meanwhile, total industry sales from January to September this year rose 9.4% to 344,307 units from 314,843 units in the same period last year.
Passenger cars remained the main driver of growth, with sales rising by 13.4% to 90,765 in the first nine months of the year from 80,009 units sold in the same period last year.
In terms of volume, the commercial vehicle segment delivered the most significant chunk, with sales of 253,542 units for the first three quarters, 8% higher than the 234,834 units sold in the same period in 2023.
The industry's conservative target this year is 468,300 units, but Gutierrez said industry players are optimistic that it will hit 500,000 by the end of 2024.
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