Monday, 9 November 2009

Oct. car sales up 20% on storm replacement

Jessica Anne D. Hermosa

CAR SALES in October spiked by 20.1% to 12,761 units versus the same month last year, partly buoyed by purchases to replace vehicles damaged by recent storms, industry data released on Monday showed.

The uptick caused the total January to October sales to record a 1.3% growth to 106,146 units over the year ago levels, signaling that the projected 0% growth by year end could be breached.

"Overall, industry players are optimistic that targets can be achieved barring any major negative developments. Banks have continued to support the industry with availability of financing at lower rates, OFW remittances which are seen to increase during the holiday season will continue to support consumption, and players are offering promotions which make acquisition easier, in time for the holidays," Chamber of Automotive Manufacturers of the Philippines, Inc. President Elizabeth H. Lee said in a statement.

The commercial vehicle segment, up 2.3% in sales, was responsible for the growth in the total year-to-date figure. Passenger car sales, in contrast, fell 0.4%.

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