Total vehicle sales declined by 4% last month according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI). The decline was especially evident in the commercial vehicle sector, which saw a 13% drop against year-ago levels (3,251 units).
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However, CAMPI reported robust growth in January passenger car sales of 19.2% (1,923 units) over the previous year.
CAMPI said car sales are being stimulated by low interest rates and the introduction of several key new models by the manufacturers. Market leader Honda Cars Philippines Inc. topped passenger car sales, with 700 sales in January.
