Car sales start 2018 with a 15% plungehome/Business/Top Business/Car sales start 2018 with a 15% plungeAutomobile sales continued to contract at the start of the year, plunging 15 percent to 26,888 units from a year earlier following double-digit declines for both the passenger car and commercial vehicle segments. Passenger car sales, meanwhile, fell by a slightly lower 13.3 percent to 8,487 units from a year earlier. The total sales of 11,355 units, however, was down 14.1 percent from a year earlier. Continuing to buck the industry decline was Nissan Philippines, Inc., which recorded 55-percent growth via sales totalling 3,100 units. Automakers are hoping for a rebound this year following a disastrous 2018, when vehicle sales plunged over the year following the implementation of tax increases and higher-than-expected inflation.

Source: Manila Times February 19, 2019 16:52 UTC