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New vehicle sales in the Philippines jump 10% y/y in November
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.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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