CAMPI: Auto Sales Grew by 14.3% in First Five Months of 2008
June 13, 2008 by Tsikot
Despite the surge in oil price and the rising inflation, the country’s automotive industry still managed to post an overall growth of 14.3 percent for the first five months of this year.
In a report furnished by the president of the Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) Elizabeth H. Lee to The Freeman, it noted that despite price surges in fuel, their sales margins continue to soar.
In a joint CAMPI and Truck Manufacturers Association (TMA) sales report for the month of May, it showed that total industry year-to-date (YTD) sales in May generated to around 50, 882 units, a balance of only 74, 618 units from the industry sales forecast of 125, 500 units for the whole fiscal year.
Last year, total sales for the months of January to May recorded only 44, 520 units and this increased to 14.3 percent this year.
In May alone this year total industry sales for passenger vehicles and commercial vehicles combined reached to around 10, 900 which is a negative 1.6 percent change from last April’s 11, 078 units sold.
Commercial vehicles (CV) continue to dominate the market with over 66 percent share in total vehicle sales growing at 17 percent YTD. For January to May this year the segment generated sales of 33, 709 units opposed to last year’s 28, 813 units sold.
In May alone this year, sales were at 7, 249 units which is a change of negative 1.9 percent from last April’s 7, 387 units.
Lee said that the month’s decline of less than 2 percent is because May is generally a low season but continued growth is expected for the coming months.
In CV’s breakdown, Light Commercial Vehicles (LCV) took up the majority of vehicle sales for this category with a significant growth of 26 percent for the first five months so far.
Asian Utility Vehicles (AUV) posted a decrease of 1.5 percent from April 2008 generating only 2, 938 unit sales in May compared to April’s 2,983 mainly caused by unavailability of stocks and the low seasonality. But its sales from January to May generated 13, 427, an increase of 6.8 percent from last year’s 12, 567 units sold.
Light trucks under the third category in commercial vehicles recorded unit sales of 795 while trucks and buses under category four and five sold 426 units combined in YTD sales form January to May this year.
Meanwhile, passenger car (PC) sales continue to hold its own growth at 9. 3 percent increase in sales. From January to May this year, this category sold 17, 173 units growing from last year’s 15, 707 units sold. In May alone PC sales were 3, 651, a negative 1.1 percent change from that of April’s 3, 691 units sold.
The slight decline in month to month sales of May versus April said Lee remains as a relatively positive sign given that the decline relative to the percentage increase in oil prices is not pronounced.
“Automakers remain positive on continued growth in the near term for over-all vehicle sales. Growth has been attributed to factors such as steady vehicle prices despite increases in global raw materials, logistics and oil, among others but thus far continued OFW remittances which factors-in in consumer spending remains strong so far so automakers remain upbeat with promotional offers for buyers with a large product line and more choices for consumers,” said Lee.
By Rhia de Pablo, Philippine Star Source
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