Auto sales lag amid slowing demand

Vehicle sales in the first 10 months of the year continued to lag behind last year's figures, with growth weighed down by weaker demand for passenger cars (PCs) and the popularity of more affordable transportation options, such as motorcycles, amid tighter economic conditions.

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A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that car sales from January to October declined by 0.3 percent compared to last year.

Over the 10 months, the automotive industry sold 384,424 vehicles, slightly outpaced by last year's 384,310 units.

PCs, which account for a fifth of total sales volume, remained hampered by slow uptake among Filipinos, registering a 23.2-percent drop in the period.

From end-October last year's sales of 100,809 units, the industry sold only 77,641 PCs so far this year.