AUTO INDUSTRY NEWS

Philippine auto sales decline by 17.3% in February 2018

Philippine auto sales decline by 17.3% in February 2018 image

Brent Co / AutoIndustriya.com | March 15, 2018 19:02

Auto sales slid in February 2018 with 26,176 units, representing a 17.3% decline

Auto sales in the Philippines declined in February 2018 with 26,176 units, representing a 17.3% declined compared to the previous month's 31,645 unit sales total. This was based on a report by members of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

With the TRAIN (tax reform) law driven excise tax influenced prices taking full effect and further depletion of old inventory prices, auto sales took a major beating on the second month of 2018. It also declined by 3.2% compared to the previous year's 27,040 unit total.

Taking the bigger hit was the Commercial Vehicle segment with 17.7% drop as the Passenger Car segment reflected a 16.3% decline.

Passenger car (PC) sales totaled 8,192 units, covering 31.3% of the market. Commercial vehicles (CV) continued to dominate the market at 17,984 units or 68.7% of the market.

“The decrease in February sales suggests that the market is still adjusting to the new excise tax regime. Sales prospects remain positive as demand continues to be strong,” said CAMPI president Atty. Rommel Gutierrez.

Light Commercial Vehicles (LCV) led the CV subsegments, comprising 64.17% of CV sales with 11,540 units sold; 24.2% more than last month's 15,218 total. AUV/MPV segment sold 5,463 units, down 6% from 5,811. Truck and bus sales were all green. Light truck sales gained 7.3%, selling a total of 413 units compared to previous month's 385 unit total. Category 4 Heavy Duty Truck and Bus sales totaled 372 units (+24.4%) compared to last month's 299 units. Category 5 Heavy Duty Truck and Bus slid down to 196 units, (+39%) compared to last month's 141 units.

Sales performance were mostly positive for most brands. The top 3 advancers*: Mercedes-Benz (ANG) surged by 57.9%, Volkswagen (ACEI) sales went up by 24.5%; Isuzu (IPC) increased by 6.2%. Top three decliners* were Ford (FMCP) with a significant 32% drop; Toyota (TMP) declined further by 25.7%; and Suzuki (SPI) down by 17% .

*only brands selling more than 100 units per month were included.

The top five performing manufacturers for the month of February are:

1. Toyota – 9,817 units (37.5% market share)

2. Mitsubishi – 6,063 units (23.16% market share)

3. Honda – 2,015 units (7.7% market share)

4. Ford– 1,860 units (7.11% market share)

5. Nissan– 1,809 units (6.91% market share)

Toyota Motor Philippines Corporation continues its commanding lead of the market with 39.84-percent. Mitsubishi Motors Philippines Corporation follows in second with 22.17-percent. Ford Motor Company Philippines, Inc. remains in third with 7.95-percent. Honda Cars Philippines, Inc. is in fourth position with 7.16-percent, and Nissan Philippines, Inc. in fifth with 6.59-percent.