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Tuesday, November 30, 2021

New Car Sales Dropped In October 2021


Automotive sales dropped 9.8 percent in year-on-year in October based on data jointly released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).

Based on industry data, carmaker makers sold 22,581 units in October, lower than the 25,023 units in the same month last year, or a 9.8 percent decline.

October sales of passenger cars (PC) declined by 15.2 percent year-on-year, while commercial vehicles (CV) slipped 6.7 percent.

However, compared to September, vehicle sales rose 5.1 percent month-on-month. This was driven mostly by PC sales which rose 15.9 percent compared to the almost flat sales for CVs.

The industry is targeting to sell 295,400 units this year, higher by 20.9 percent compared with the 244,374 units sold in 2020. However, CAMPI-TMA sees new vehicle sales to return to pre-pandemic levels as late as 2023.

Currently, for the 10 months, CAMPI-TMA’s total sales reached 214,186 units—a 23.8 percent increase from last year’s 173,035.

Car sales grew by 29 percent to 68,608 units, while CV sales climbed by 21 percent to 145,578 units.

Toyota Motors Philippines Corporation remained the market leader with 103,475 units of total vehicle sales (48.3 percent), followed by Mitsubishi Motors Philippines Corporation (13.8 percent), Ford Philippines (7.6 percent), and Suzuki Philippines (7.4 percent).

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