[responsivevoice_button voice=”Deutsch Female”]
Philippine car gross sales down 9% in October | Automotive Business Information
The Philippine new car market continued to say no in October, by 9.2% to 33,150 items from peak year-earlier gross sales of 36,511 items, in accordance with member knowledge launched collectively by the Chamber of Automotive Producers of the Philippines (CAMPI) and the Truck Producers Affiliation (TMA).
That is the ninth consecutive month of decline for the market after a number of years of exceptionally robust development, which has been largely blamed on a brand new tax construction launched firstly of the yr.
Financial development within the nation slowed to six.1% year-on-year within the third quarter, from a revised 6.2% within the second quarter and 6.6% within the first, because the weak peso, rising inflation and successive rate of interest hikes by the central financial institution continued to weigh on personal consumption.
Toyota led the market in September with 14,927 gross sales, adopted by Mitsubishi with 6,004 items; Nissan 3,703 items; Honda 2,059 items; and Suzuki 1,974 items.
Within the first ten months of the yr whole car gross sales fell by 13.3% to 294,236 items from 339,380 items in the identical interval of final yr.
Passenger car gross sales have been down by 18.2% at 9,444 items in October and by 20.1% at 90,552 items year-to-date, whereas business car gross sales declined by 4.5% to 23,703 items final month and have been 9.9% decrease at 203,684 items over the ten-month interval.