New vehicle sales in the Philippines jumped by almost 21% to 14,620 units in November, compared with 12,090 units a year earlier, according to the Chamber of Automotive Manufacturers of the Philippines (CAMPI).
In the first 11 months of the year CAMPI sales increased 8% to 141,283 units, up from 130,812 units a year earlier, driven by buoyant domestic economic growth, cheaper credit and improved product supply as the automotive industry recovered from the two major natural disasters to hit the region last year.
By contrast, Hyundai Asia Resources - the largest non-CAMPI member, reported a 24.5% drop in sales to 1,673 units in the same month, compared with 2,217 units a year earlier.
The company attributed its decline in sales in recent months to a lack of inventory from its parent company. Nevertheless, cumulative sales for the 11 month period were 8.3% higher at 20,491 units versus 18,922 units the year before.
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