New vehicle sales in the Philippines rose by 9.5% to 34,445 units in September from 31,451 units the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data did not include sales of non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together accounted for around 20% of total vehicle sales last year.
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In the last two months, the vehicle market has expanded at a much slower rate than in previous months this year with passenger vehicle sales falling by over 13% year on year to 10,516 units in September after four years of exceptionally strong growth.
Commercial vehicle sales were almost 24% higher at 23,929 units, reflecting continued strong economic growth in the country – with second quarter GDP growth estimated at 6.5%.
In the first nine months of the year, new vehicle sales increased by 15.9% to 302,869 units from 261,370 units a year earlier. Commercial vehicle sales were up by over 22% at 201,214 units in this period while passenger vehicle sales rose by just 4.8% to 101,655 units.
Toyota led the market in the first nine months of the year with a 43.8% market share, followed by Mitsubishi with 17.6%, Ford 8.6%, Honda 6.9% and Isuzu 6.8%.
