Car sales speed up in November ahead of tax changes and price hikes
Vehicle sales grew 23.8 percent in November, the fastest growth recorded in recent months as consumers purchased ahead of the passage of a bill increasing excise taxes for cars.
According to joint data from car and truck manufacturers, member firms sold 40,799 units last month. This was higher than the 32,966 units sold in November last year.
This marked the third highest monthly sales for automotive firms this year.
“Carrying the momentum from November sales, the outlook for December remains strong driven by the good sales performance of key models from other brands,? said Chamber of Automotive Manufacturers of the Philippines Inc. chairman Rommel Gutierrez.
Strong sales of commercial vehicles made up for the slack in passenger sales.
Commercial vehicle sales grew at a faster pace of 38.8 percent to 28,898 units while sales of passenger cars slowed down from 12,143 units to 11,901 units.
Sales of light commercial vehicles surged 57.5 percent to 20,329 units in November. The number of Asian utility vehicles sold rose 5.9 percent to 6,832 units.
For the nine months ending September this year, total vehicle sales grew 16.8 percent to 380,179 units.