Vehicle sales dropped 23.4 percent in November, the biggest decline in the past few months.
Official data showed that vehicle sales plunged to 31,258 units from 40,799 units sold in the same month last year.
The latest figures brought sales since January to 325,465 units, down 14.4 percent from the 380,179 units sold in the same 11-month period last year, according to the joint data of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA).
While Campi did not give any explanation for the continued drop in vehicle sales, the group previously blamed the higher excise taxes and elevated inflation for the poor sales performance of the industry.
Comparing this with previous sales reports, November marked the biggest year-on-year decline since July, when the year-on-year drop was 24.1 percent.
This also stopped the trend that started in August, wherein the year-on-year decline slowed, giving signs that the industry might be on its way to recovery.
“We remain confident that the industry will continue to recover as the year ends,” said Campi president Rommel Gutierrez.
Passenger cars sold 9,197 units in November, a 22.7-percent drop from the 11,901 units sold in the same month last year.
Year-to-date sales of this segment fell to 99,719 units, down 20.4 percent from the 125,242 sold in the same 11-month period last year.
Commercial vehicle sales, on the other hand, declined to 22,061 units, 23.7 percent lower than the 28,898 units sold in November last year.
The segment, which accounted for more than 60 percent of overall sales since January, fell 11.5 percent year-to-date to 225,746 units from 254,937 units, previously. —Roy Stephen C. Canivel
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