Auto sales finally curved positive in February, breaking a year-long decline and raising hopes of a 2019 improvement.
Car manufacturers sold a total of 26,327 units the previous month — up 0.6 percent from a year former when the obligation of higher sales taxes led to a 3.2-percent contraction that worsened to as much as 30 percent as 2018 ended.
Monthly, car sales were down 2.1 percent from January, data outed by the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association (TMA) disclosed.
The year-to-date tally of 53,215 units was also 8.0 percent lower in compariso to last year.
February saw a recovery for passenger cars, with sales growing by 3.4 percent to 8,471 units. The bread and butter commercial vehicle segment, however, fell 0.7 percent to 7,856 units.
CAMPI and TMA representatives were not immediately available for comment but officials have expressed hope that full-year sales would rebound in 2019 following last year’s 16-percent plunge.
Toyota Motors Philippines Corp. persisted the industry leader as of February with 35.20-percent market share on sales of 9,267 units, 5.6 percent lower than the previous year.
Mitsubishi Motors Philippines Corp. was second with 19.75-percent market share on sales of 5,200 units, 14.2 percent lower equated to February of last year.
Nissan Philippines Inc. prolonged its run of positive results, posting 94.7-percent growth with 3,523 units sold for third place and 13.38 percent of the market.
Toyota remained dominant with sales totaling 20,622 units, down 10.5 percent from a year earlier and accounting for 38.75 percent of the market. While Mitsubishi sold 10,439 units — down 18.6 percent — for a 19.62-percent market share while Nissan sold 6,623, up 73.9 percent and 12.45 percent of the market.