Year to date automotive sales were up 16.8 percent as of the end of November and the month itself saw a 23.8 percent surge in vehicles leaving showrooms, industry data released on Wednesday showed.
In a joint report, the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA) said they had sold a total of 380,179 units so far in 2017, up from 325,468 in the same period last year.
For November alone, 40,799 units were sold, higher than the 32,966 recorded a year earlier.
Commercial vehicles accounted for the bulk of sales, totaling 254,937 year to date and 28,898 in November alone and up by 24.5 percent and 38.8 percent, respectively.
Passenger car sales, meanwhile, also expanded by 3.8 percent to 125,242 from January to November but fell 2 percent in November to 11,901.
“November sales result is higher than the month of October because of increased sales of major assemblers and distributors,” CAMPI President Atty. Rommel Gutierrez said in a statement.
“Carrying the momentum from November sales, the outlook for December remains strong driven by the good sales performance of key models from other brands,” he added.
“We are confident that the year-end industry target will be met as we continue with competitive promotional support and marketing activities.”
CAMPI has a 400,000-unit sales goal for the year. Including importers, the automotive industry is targeting to sell 450,000 units in 2017.
Amid optimism for the year, prospects for 2018 have been clouded by the approval of higher excise taxes on car sales that have just been approved by Congress.
Toyota Motor Philippines Corp. remained the market leader with a share of 43.82 percent, followed by Mitsubishi Motor Philippines Corp. with 17.55 percent. Ford Motor Phils, Inc. was third with an 8.42 percent share and rounding out the top five were Honda Cars Philippines, Inc. (7.05 percent) and Isuzu Philippines Corp. (6.91 percent).