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New vehicle sales in the Philippines stood at 34,465 units
during November, up 10% year on year (y/y), reports the
Philippine Star, citing data released by the Chamber of
Automotive Manufacturers of the Philippines Incorporated (CAMPI)
and the Truck Manufacturers Association (TMA). Of this total, sales
of passenger vehicles grew by 3.8% y/y to 9,551 units, while
commercial vehicle (CV) sales increased by 12.9% y/y to 22,061
units. "The November sales performance is now recorded with the
highest monthly sales for the industry so far this year. It is also
the second successive month that CAMPI and TMA posted
record-breaking sales, further reinforcing the upward trend the
automotive industry is tracking toward the end of the year," said
the CAMPI. In the year to date (YTD), total vehicle sales in the
country have now increased by 3.3% y/y to 336,226 units, compared
with 325,569 units in the same period last year. This is split
between passenger vehicle sales of 99,951 units (up 0.1% y/y) and
CV sales of 236,275 units (up 4.7% y/y).
Significance: The Philippines' new vehicle
market remained in positive territory in November for the third
consecutive month as demand for passenger vehicles and CVs grew
y/y, helped by attractive year-end sales promotions and a low base
of comparison. "We are continuously working double time to achieve
the industry's overall sales target of 410,000 units which we
believe remains achievable," said CAMPI president Rommel Gutierrez.
IHS Markit expects light-vehicle sales in the country, including
passenger vehicles and light commercial vehicles, to grow by 6.1%
y/y to around 411,800 units in 2019, mainly thanks to new model
launches and a low base of comparison.
Posted 13 December 2019 by Jamal Amir, Research Analyst
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