Home / Business / Vehicle sales up 14%; automakers optimistic

Vehicle sales up 14%; automakers optimistic

April 16, 2019

Automobile sales continued to recover in March, growing by double digits and raising manufacturers’ hopes of a turnaround from last year’s plunge.

Data released by the Chamber of Automotive Manufacturers of the Philippines (Campi) and the Truck Manufacturers Association (TMA) on Monday showed total sales of 32,173 units for the month, up 14 percent from a year earlier.

It was a marked improvement from February’s 0.6-percent uptick, which was the first time that car sales had turned positive after a year-long decline blamed on the imposition of higher sales taxes and rising inflation.

Year-to-date sales, however, remained down 0.8 percent at 85,388 units compared to the same period last year.

“The double-digit growth during the month of March compared to the same month last year is a strong indication that the automotive industry is well on its way to recovery,” Campi President Rommel Gurierrez said in a statement.“

We are optimistic that this trend will be sustained in the coming months,” he added.

Automakers ended 2018 with a 16-percent decline — the first contraction since 2011 when sales fell by 4 percent due to parts shortages caused by an earthquake and tsunami in Japan and massive flooding in Thailand.

Passenger car sales, which managed to grew by 3.5 percent in February, dropped by 15.7 percent to 9,214 units in March from a year ago.

This was offset by a 32.8-percent increase for the bread and butter commercial vehicle segment, where sales totaled 22,959 units year on year.

Toyota Motors Philippines Corp. remained the market leader in March with a 40.20-percent share. Its sales finally turned positive, growing by 13.4 percent to 12,936 units from a year earlier.

Second-placed Mitsubishi Motors Philippines Corp., with 17.72 percent of the market, sold 5,701 units during the month, down 15.3 percent from March last year.

Rounding up the top three was Nissan Philippines Inc., which extended its run of positive monthly results via sales of 4,616 units, up 133.8 percent and accounting for 14.35 percent of the market.

Year-to-date, Toyota remained on top with sales reaching 33,554 units, 39.30 percent of the market and down 2.6 percent in volume terms from a year ago.

Mitsubishi, with a market share of 18.90 percent, sold a total of 16,140 units, also down by 17.5 percent from a year ago, while Nissan (13.16 percent market share), sold 11,239 units, up 94.3 percent from 2018.

Credit belongs to : www.manilatimes.net

index.php

BIR to file cigarette tax case

By MAYVELIN U. CARABALLO, TMT April 22, 2019 The Bureau of Internal Revenue (BIR) is …