Sunday, June 23, 2024

NewsHorizon

Where your horizon expands every day.

Business

The sales of new vehicles increased by 9.5% in September.


In September, the combined report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed a 9.5% increase in NEW VEHICLE SALES compared to the previous year. This marks the slowest growth in 19 months.

According to the CAMPI-TMA report, there was a rise in new vehicle sales from 35,282 units in September of last year to 38,628 units in September of this year.

In a statement, CAMPI President Rommel R. Gutierrez stated that the sales performance in September was the highest for the month and they anticipate a continued positive outlook from consumers in the fourth quarter.

Auto SalesAuto Sales (September 2023)

Unfortunately, the month of September marked the end of a streak of 18 consecutive months of growth in the double digits. With a growth rate of 9.5%, this was the slowest expansion in 19 months, dating back to the 7.3% decline in February 2022.

From one month to the next, there was a 5.2% increase in vehicle sales.

According to Mr. Gutierrez, the increase in vehicle sales can be attributed to promotional campaigns and the launch of new models in August.

The data indicated that commercial vehicles made up 66% of the total sales in September. The sales of commercial vehicles increased by 6.5%, with 29,070 units sold in September compared to 27,306 units sold in September of the previous year.

Compared to August, commercial vehicle sales increased by 9.2% to 26,620 units on a monthly basis.

In September, the sales of light commercial vehicles rose by 4.6% to 23,098 units and Asian utility vehicles saw a 14.9% increase with 4,955 units sold.

In September, the sales of light trucks rose by 21.7% to 611 units. However, the sales of medium and heavy trucks decreased by 2.4% and 5.8%, with a total of 325 and 81 units sold, respectively.

In September, the number of passenger cars sold increased by 19.8% to 9,558 units, compared to 7,976 units sold in the same month last year.

Sales of passenger cars decreased by 5.31% from 10,094 units in August compared to the previous month.

In the span of nine months, CAMPI-TMA members sold a total of 314,843 units, showing a 26.9% increase from last year’s 248,154 units, despite a decrease in growth during September.

According to Mr. Gutierrez, the total for the nine-month period indicates that the industry is on pace to completely bounce back this year.

Mr. Gutierrez stated that the automotive industry has shown resilience since 2021 and current trends suggest that we will surpass pre-pandemic sales levels and fully recover as an industry by 2023.

Last month, CAMPI changed its projected sales goal for 2023 to 423,000 units, up from the previous goal of 395,000 units. This would represent a 20% increase from the 2022 sales of 352,596 units.

vehicle sales rose by 6.7% to 1,016,021 units

During the first nine months of the year, there was a 24.8% increase in sales of commercial vehicles with a total of 234,834 units sold. In the same period, passenger vehicle sales also saw a 6.7% rise with a total of 1,016,021 units sold.

The number of car sales increased by 33.2% to 80,009 units.

Toyota Motor Philippines Corp. maintained its position as the top company in the market, holding a 45.81% share while reporting a 15.5% increase in sales to 144,232 units for the nine-month period.

2015 fiscal year

Mitsubishi Motors Philippines Corp. ranked second with a growth of 65.2% in sales, reaching a total of 58,065 units in the 2015 fiscal year.first three quarters.

Ford Motor Co. Philippines, Inc. ranked third with a sales increase of 42.2% to 23,091 units.

Rounding out the top fi

We were the company Nissan Philippines, Inc., and we experienced a growth of 24.7% in sales with a total of 20,037 units sold. On the other hand, Suzuki Phils., Inc. saw a decline of 6.8% in sales with a total of 13,490 units sold.