CAMPI: Philippine Auto Sales Up 14.8% in 4 Months
May 9, 2008 by Tsikot
The auto industry recorded a 14.8-percent sales increase during the first four months of this year due to a continued strong demand for commercial vehicles.
“The Philippine auto industry thus far, is bucking the general trend seen in other countries such as the US, where rising fuel prices coupled with a softening economy resulted in a downward trend in commercial vehicle sales,” Elizabeth H. Lee, president of the Chamber of Automotive Manufacturers of the Philippines (CAMPI) said.
From January to April, auto sales reached 39,981 units of which 11,078 units were sold in April alone.
Commercial vehicles continue to dominate the local market covering 66 percent of total vehicle sales nationwide.
During the four-month period, sales of commercial vehicles went up by 16.2 percent due to a sustained growth in demand for pickup trucks, vans and compact SUVs.
Sales of light commercial vehicles went up to 14,996 during the four-month period.
“Such increase is attributed to the shift in consumers’ preference to diesel-fed models brought about by the increase in fuel price. We expect sales to continue rising in the coming months,” Lee said.
On the other hand, sales of passenger cars went down by 1.4 percent to only 3,691 units.
Despite the downturn in passenger car sales, Lee said industry outlook remains positive as auto players continue to support sales with dealer incentives promos.
Toyota Motor Philippines Corp. remains the number one seller, capturing 35.4 percent of total market.
Far second was Mitsubishi Motors Philippines with a 13.4-percent share followed closely by Honda Cars Philippines Inc. with 13.2 percent.
The industry projects continued strong growth in this segment with value-for-money conscious buyers given current, temporary economic conditions
“We forecast sales to continue to be strong in the coming months. Strong sales of pickup trucks, vans, and c-wagon vehicles sustain the momentum of this segment,” Lee said.
By Ma. Elisa P. Osorio, Philippine Star Source
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