Business and Economy
Automotive industry on track to hit 240K sales this year
October sales grew by 2 percent to 25,203 units from 24,523 units sold in September. (Pexels photo)
MANILA – The local automotive industry is optimistic about hitting its revised target sales of 240,000 units by the end of 2020.
This, as the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) recorded another month-on-month sales growth for October.
October sales grew by 2 percent to 25,203 units from 24,523 units sold in September.
CAMPI said this was also the highest sales the group achieved since the onset of the coronavirus disease 2019 (Covid-19) pandemic.
“We are on track to achieve our revised sales forecast of 240,000 units — the baseline for our medium-term recovery plan,” CAMPI president Rommel Gutierrez said in a statement Monday.
Year-on-year, CAMPI sales declined by 27.
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3 percent from 34,397 units sold in October last year as both sales of passenger car and commercial vehicle segments dropped in the previous month.
Sales of passenger cars decreased by 10.9 percent to 8,988 units in October 2020 from 10,083 units in the same month last year.
A larger decline was seen in the commercial vehicle segment with a 34.1-percent contraction in sales for October 2020 at 16,035 units versus October 2019’s sales of 24,314 units.
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Sales from January to October 2020 reached 173,035 units.
However, 10-month sales this year was 42.7 percent lower than the 301,761 unit sales in the same period in 2019.
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