Total auto industry sales posted a slight 0.94% decline in Q3 of 2016 compared to Q2. The industry posted a total of 102,601 units sold. The total figure was derived based on data from the Association of Vehicle Distributors (AVID), Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
The period has generally been regarded as a slow season for auto sales as customers anticipate more aggressive sales promos from car dealers and banks who are looking to end the year with impressive sales numbers. However, the industry is still upbeat as a whole, with sales totalling 294,092 units, a 27% increase over 2015; exceeding industry projections and outperforming other markets in the region.
Still continuing its domination of the market is Toyota, which covers 38.9% with 114,419 units sold, Mitsubishi comes in a far second with a 15.4% share selling 45,326 units. Hyundai finds itself back in the top 3 again this year after a slow 2015, helping it achieve its numbers this year are new models such as the 2016 Elantra, updated Santa Fe, and 2016 Tucson; the Korean brand covered 8.51% of the market with sales of 25,021 units. Ford comes in at a very close 4th with 24,993 units for 8.50% market share. Isuzu placed in 5th with 19,528 units sold or 6.66%; Honda sold 17,016 units covering 5.79% of the market in 6th; Nissan sold 12,294 units for 4.19% of the market in 7th; while Suzuki rounds up the Top 8 with 10,323 units getting 3.51% of the market.
The commercial vehicle segment still took the bigger chunk of sales with 60.73%, while passenger vehicle segment covered the remaining 39.27%. Both major industry organizations AVID and CAMPI have expressed their confidence in the Philippine market as more vehicle sales are expected during the last quarter of the year.
"As the year 2016 nears its closing, outlook on AVID performance remains upbeat, expected to grow above market expectations due to strong demand and robust macroeconomic fundamentals. And as sales increase, AVID is all the more resolute to reimagine its products and services to provide the constantly-changing Filipino market an ultimate driving experience," said Ms. Ma. Fe Perez-Agudo, AVID president.
"With continued strong market demand and enough supply and new model introductions during the Sixth Philippine International Motor Show last September, third quarter sales remained strong. We expect sustained growth as we enter the fourth quarter," said Atty. Rommel Gutierrez, CAMPI president.