CAMPI: 2009 Car Sales Exceed Industry Forecast
Sales of new cars grew faster last year than the 2008 pace as purchases to replace flood-damaged units in the last few months offset poor performance seen earlier, industry data released on Friday showed.
Eighteen car firms sold a total 132,444 units in 2009, up 6.4% from 2008 levels and exceeding the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) forecast of up to 4% growth or a flattening at worst.
The 2009 growth was also better than the 5.6% increase recorded in 2008, which likewise bucked downtrends seen in other Asian markets. For 2010, the group has pegged its forecast at a “conservative 4% … subject to quarterly review”.
Year-to-date sales for 2009 only began to grow in October after floods from two storms submerged many vehicles in Luzon. In December alone, the number of units sold grew by 37.5% to 13,596 versus the same month last year.
“Stronger growth was due to higher replacement rate coupled with stronger than expected growth in OFW (overseas Filipino worker) remittances and aggressive financing packages which fueled consumption…” CAMPI President Elizabeth H. Lee said in a statement.
Commercial vehicles such as trucks, vans, and buses continued to account for the bulk of the year’s sales – roughly two-thirds of the total – growing by 7.7% to 82,216 units sold from 2008 levels. Passenger car sales, meanwhile, grew by 4.1% to 46,228.
Toyota Motor Philippines Corp. remained the top seller, cornering 34.9% of total sales. Its market share, however, was two percentage points less than 2008’s. It sold 46,193 units for 2009, up 0.6% from the previous year.
Mitsubishi Motors Philippines Corp. and Honda Cars Philippines, Inc. trailed behind in second and third place. Mitsubishi enjoyed a 14.1% increase in sales to 23,247 units while Honda saw sales grow by 11.5% to 17,168 units.
Jessica Anne D. Hermosa
Business World Online
Related posts:
