go through Justin Ireland D. Table, reporter
According to industry data, sales of Filipino vehicles have fallen year by year to their lowest sales in four months, with weak demand for passengers and commercial vehicles.
Total car sales fell 7.6% from the next month a year ago to 36,174 units last month, a joint report by the Automobile Manufacturers Association of Philippines and the Truck Manufacturers Association (TMA).
The decline was the slowest since April’s 10% decline and the lowest volume since 33,580 units were sold in the same month. Monthly, vehicle sales fell 5.5% from 38,295 units in July.
“Although one month or another fi“Gures, the industry remains optimistic, which is growing as consumer preferences continue to move towards sustainable mobility,” Campi said in a statement Tuesday.
Passenger car sales, by fiThe third time in the industry number was down 20% to 7,591 units in August. Passenger car sales fell 6.5% compared to 8,120 in July.
Business car sales accounted for nearly four-fifths of total sales, down 3.5% from a year ago to 28,583 units in August. This month also saw a 5.3% drop.
In the commercial vehicle segment, light commercial vehicle sales fell 4.4% year-on-year to 20,852 in August, while Asian public vehicles (AUV) sales rose 0.2% to 6,840 units.
Light commercial vehicle sales fell 7.4% in the month, while AUV sales rose 2.6%.
Sales of light and medium trucks and buses fell 11.6% and 10.6% year-on-year to 555 and 279 units, respectively, while sales of heavy trucks and buses rose 26.7% to 57 units. Compared to July, sales of light and medium trucks fell by 8.6%, 7.6%, and 27.8%, respectively.
From January to August, new car sales rose 0.2% to 305,381 units compared to a year ago. The growth was supported by commercial vehicles, with sales of commercial vehicles rising 8.7% to 244,023 units. On the other hand, passenger car sales fell 23.6% to 61,358 compared with the same period last year.
Commercial vehicles remain an anchor for industry sales, while electric vehicles (XEVs) gained traction and now account for 6% of the automotive market, Kampi said.
The industry sold 2,244 XEVs in August, accounting for 6.2% of sales, although a 17.1% drop from the 2,707 sold in July. From January to August, XEV sales reached 18,439 units, accounting for 6.04% of the market share.
Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said global and domestic risks are greater.
“Protectionist policies, tensions in the Middle East and other geopolitical risks are headwinds to reduce sales, income, employment and other business opportunities,” he said in a Viber message. “This can reduce the ability of borrowers to pay, including those with auto loans.”
He also quoted the belief of China’s “Ghost Moon” and said it may be discouraged in August.
Still, he hopes for better prospects in the coming months. He added: “Better weather conditions will help improve vehicle sales data, especially during Christmas, which helps increase interest rates on demand for vehicles and auto loans.”
August fiJohn Paolo R. Rivera, a senior researcher at the Philippine Development Institute, said demand from the entire segment was weak. BusinessWorld.
“Key drivers include higher interest rates, which makes fiHe said in Viber message.
He added that while holidays could promote some recovery through promotions and increased spending, the rebound could be modest given inflation, peso volatility and uncertainty related to U.S. tariffs.
Toyota Motor Philippines Corp. remains the dominant player, with 146,357 units sold from January to August, 4.1% from 140,654 units sold last year. It has a market share of 47.93%.
Mitsubishi Motors Philippines ranked second with 57,908 units sold, 1% higher than 58,513 units sold. It has a market share of 18.96%.
Nissan Philippines ranked third with 15,160 units sold, down 17% year-on-year, accounting for 4.96% of the market.
Ford Motor Co. Philippines, Inc.
