CAMPI: Auto Sales up 14.2% Despite High Oil Prices
August 7, 2008 by Tsikot
Auto sales went up by 14.2 percent to 73,290 units in the first seven months of the year despite the unabated increase in oil prices, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report.
CAMPI president Elizabeth H. Lee said the automotive industry remains confident that they will reach their sales target of 125,500 units for this year.
Month-on-month sales were likewise positive as the industry posted an eight percent increase to 11,636 units in July.
Lee credited the growth to the promotional programs of auto players. Lee said fleet account sales also helped boost the industry’s performance for the month.
Both passenger car and commercial vehicle sales grew by 14 percent for the year. “And, with value-for-money as the main purchase criteria, buyers are all the more keen in purchasing vehicles that fit specific needs,” Lee said.
Lee also said that fuel efficiency is top of mind for buyers. She explained that consumers appreciate the benefits of a lower maintenance cost when purchasing a brand new vehicles.
Toyota Motor Philippines sold the most vehicles from January to July as it captured 36 percent of the market. It has sold 26,414 units overall.
Mitsubishi Motors Philippines Corp. commanded 11.4 percent shares with 8,365 units while Honda Cars Philippines Inc. was a close third with 10.5 percent of the market which translates to 7,679 units.
Commercial vehicles continue to dominate the market with 65.6 percent or 48,072 units while passenger vehicles had 34.4 percent or 25,218 units.
Lee noted that buyers are changing the way they use vehicles. She said consumers prefer to purchase dual purpose vehicles which can be used for personal and business.
Passenger car sales grew 14 percent. Toyota sold the most cars as it cornered 39.7 percent of the market or 10,011 units. Honda sold 6,735 units representing 26.7 percent of the market. Hyundai Asia Resources Inc was a far third with 7.8 percent market share selling 1,955 units.
New model introductions, supply stability, fleet deliveries and competitive pricing boosted total passenger car sales.
Commercial vehicle sales, on the other hand, grew 14.3 percent in the first seven months from a year ago.
Lee said overall positive sales for commercial vehicles is expected to continue with buyers focusing more on the fuel efficiency of vehicles they buy.
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