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Newly assembled vehicles crowd a stockyard at the Toyota Philippines manufacturing plant in Sta Rosa, Laguna, south of Manila.   © Reuters
Economy

Philippines car sales soar 24.6% in 2016

Toyota, Mitsubishi set to begin local production to tap fast-growing market

CLIFF VENZON, Nikkei staff writer | Philippines

MANILA -- New car sales in the Philippines peaked last year, as the entry of new models spurred more auto purchases in Southeast Asia's fastest-growing economy, industry groups said Tuesday.

Total sales rose by 24.6% to 359,572 units, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Incorporated and the Truck Manufacturers Association. Sales of Hyundai Philippines, the biggest among those companies that are not affiliated with either of the two groups, stood at 25,021 units at the end of September, up 50% year-on-year, suggesting that the industry surpassed its 370,000-unit target for 2016.

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