MOTOR vehicle sales were relatively steady in August compared to a month earlier, automakers reported on Tuesday.
A total of 39,155 units left showrooms last month, marginally lower by 0.4 percent from the 39,311 sold in July, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association said.
On an annual basis, sales were 6.7 percent higher compared to the 36,699 units sold a year earlier.
This brought January-August automobile sales to 304,765 units, 10.34 percent more than the comparable period’s 276,200.
Rizal Commercial Banking Corp. chief economist Michael Ricafort pointed to normalizing base effects and said that “newer models, more brands, more EV (electric vehicle) and hybrid vehicles sales, favorable demographics, improving employment data in recent months still driving demand and sales of vehicles.”
Despite the month-on-month slip, he added that favorable demographics and recent improvements in employment data were contributing to steady sales.
“For the coming months, lower Fed (US Federal Reserve) and local policy rates could increase demand for auto loans and also vehicle purchases.”
Commercial vehicles continued to drive sales with 29,626 units, 4.28 percent higher than July’s 28,408. This brought the eight-month tally to 224,438 units, up 9.07 percent from the 205,764 posted a year earlier.
Passenger cars, meanwhile, registered sales of 9,529 last month, down 12.76 percent from 10,923 in July. The year-to-date count rose to 80,327 units, a 14.0-percent gain from 60,451 previously.
Toyota Motor Philippines Corp. continued to dominate the industry with 17,924 units sold in August, down 2.5 percent from 18,380 a month earlier.
From January to August, sales grew to 140,654 units, 10.9 percent higher year on year and equivalent to a 46.15-percent share of the market.
Mitsubishi Motors Philippines Corp. remained second with August sales of 7,914 units or a 1.1-percent decline from July.
The automaker has now sold 58,513 units year to date, 16.0 percent higher compared to 12 months earlier and enough for a 19.20-percent market share.
Nissan Philippines Inc. was third for the month with sales of 2,451 units, 30.4 percent more compared to July.
It was not enough for third place year to date, however, which went to Ford Motor Co. Philippines Inc., whose 2,144 units sold in August — down 9.0 percent from July — drove the January-July total to 18,961 units — also lower by 3.8 percent from a year earlier.
Nissan settled for fourth with 18,270 units sold for the seven-month period.
In terms of market share, Ford accounted for 6.22 percent while Nissan took 5.99 percent.
Rounding out the top five was Suzuki Philippines Inc., which as of end-August had sold 13,206 units, up 11.7 percent and enough for a 4.33-percent market share.
Campi President Rommel Gutierrez has said that automotive companies are optimistic of reaching an aggregate sales goal of 468,300 units this year, especially in line with the 9th Philippines International Motor Show that will be held from October 24 to 27.
Gutierrez also noted the potential to reach record sales of 500,000 units.