Vehicles are caught in rush hour traffic along EDSA, Oct. 27, 2023. — PHILIPPINE STAR/WALTER BOLLOZOS

NEW VEHICLE SALES jumped by an annual 18.6% in October but dipped by 1.3% from the previous month, an industry report showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales increased to 38,128 units in October from 32,146 units in the same month a year ago.

However, car sales declined by 1.3% from 38,628 units sold in September amid elevated inflation.

In a statement, CAMPI President Rommel R. Gutierrez attributed the sustained annual sales growth in October to “aggressive marketing activities and supply improvement across all brands.”

“Consumer appetite is high, and sales are driven by continued pent-up demand, which is also supported by easier access to credit,” he added.

Despite high interest rates, central bank data showed consumer loans jumped by 23.5% to P1.19 trillion in September. In particular, motor vehicle loans rose by 13.4%.

CAMPI-TMA data showed sales of commercial vehicles rose by 17.6% to 28,041 units in October from 23,852 units in the same month last year. Commercial vehicles accounted for 74% of the sales during the month.

Month on month, commercial vehicle sales fell by 3.5% from 29,070 units in September.

Light commercial vehicle sales went up by an annual 19.3% to 21,702 units but declined by 6% month on month.

Sales of Asian utility vehicles (AUV) increased by an annual 14.3% to 5,358 units in October. Month on month, AUV sales rose by 8.1%.

Sales of medium trucks slumped by 29.4% year on year to 279 units in October, and by 14.2% month on month.

Meanwhile, passenger car sales increased by 21.6% to 10,087 units in October from 8,294 units a year ago. Month on month, sales of passenger cars went up by 5.53% from 9,558 units in September.

For the first 10 months, CAMPI-TMA members sold 352,971 units, up by 25.9% from 280,300 units a year ago.

Mr. Gutierrez said that the industry is on track to hit its total sales target for the year.

“We already achieved 83% of our 2023 forecast in October; with sustained demand, we are confident that we can achieve 423,000 units sales by yearend,” he said.

CAMPI revised its 2023 sales target in September from the previous target sales of 395,000 units. If realized, the new target would be 20% higher than the 352,596 actual sales last year.

For the January-to-October period, commercial vehicle sales increased by 24% to 262,875 units, while passenger car sales rose by 31.8% to 90,096 units.

Toyota Motor Philippines Corp. remained the market leader with a 45.96% share as 10-month sales went up by 15.5% to 162,229 units.

Mitsubishi Motors Philippines Corp. came in second spot as sales soared by 60.3% to 65,192 units.

In third spot was Ford Motor Co. Phils., Inc. with a 39.5% increase in sales to 26,003 units.

Rounding out the top five were Nissan Philippines, Inc., which saw a 25.4% increase in sales to 22,268 units, and Suzuki Phils., Inc. which reported a 6.8% drop in sales to 15,062 units. — Justine Irish D. Tabile