The Philippine new vehicle market finished the year on a high in 2013, with sales jumping by 17.5% to 17,185 units in December, from 14,620 units a year earlier, according to data released jointly by Chamber of Automotive Manufacturers of Philippines and Truck Manufacturers Association.
Full year sales increased by 15.7% to 181,283 units last year, from 156,649 units in 2012, with low interest rates and strong economic growth driving the market to new heights.
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This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet, Subaru and some smaller players, which together typically account for around 15% of the total market.
Hyundai Motor, the largest non-affiliated automotive brand, reported separately that its sales last year were up just slightly at 22,033 units, compared with 21,996 units in 2012.
Total vehicle sales, including non-affiliated brands, are estimated to have reached 211,000 units last year, up by over 15% compared with 182,779 units sold last year.
The association remains bullish on the outlook for the market, with continued strength in the domestic economy forecast to lift sales to a new record of 230,000 units in 2014.
