The automotive industry is positive it will reach its 2019 growth target as sales improved by 3.4 percent in October.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association (CAMPI-TMA) indicated vehicle sales reached 34,397 units, the highest this year and an improvement from the 33,150 sold in the same month last year.

“The current market demand for vehicles along with creative and aggressive sales promotion efforts give us a positive outlook as we aim to sustain the growth trend for the remaining months of the year,” CAMPI president Rommel Gutierrez said.

“We remain positive that our industry target for the end of the year will be achieved as all brands remain committed to provide innovative mobility solutions to the Filipino people.”

The October result also brings year-to-date growth to 2.53%—301,761 units this year as against 294,311 sold during the same 10-month period last year—boosted by commercial vehicle sales.

CAMPI-TMA’s member companies sold 211,361 CV units during the period, a growth of 3.8% from last year.

Light commercial vehicles followed with 168,707 units sold, up 12.6%. Passenger car sales were also significant at 90,400 units, albeit down 0.2% compared to 2018 figures, followed by AUV sales down 25.2% and light trucks up 4.6%.

There were 9.8% less buyers of category four trucks and buses while sales of category five trucks and buses also dipped by 32.7%.

In terms of current market share, Toyota Motors Philippines remained on top with a 43.25% share. Car sales rose by 5% to 130,520 units from January to October this year.

Mitsubishi Motors Philippines followed despite a 9% drop in sales while Nissan Philippines was third with a 30% sales growth.

CAMPI-TMA is eyeing a 10% annual sales growth as it expects consumer demand to pick up from last year’s lethargic sales brought by higher excise taxes and soaring inflation that resulted to a 16% slump.