Car sales down anew but industry optimistichome/Business/Top Business/Car sales down anew but industry optimisticVehicle sales plunged anew in October, automakers reported on Tuesday, extending a run of declines — blamed on tax hikes and higher inflation — that began in February. Passenger car sales dropped by 19.2 percent to 9,444 units year on year while commercial vehicle sales fell 4.5 percent to 23,706 units. “We remain optimistic that sales growth will be sustained in November, as we expect more sales from PIMS will be delivered this month,” he added. Year to date, Campi and TMA data showed that industry sales of 294,207 units were down 13.3 percent from a year earlier. Passenger car sales dropped 20.1 percent to 90,522 units while commercial vehicle sales also went down by 9.9 percent to 203,685.

Source: Manila Times November 13, 2018 16:30 UTC