Philippines Auto Sales Jump 28.9% in 11 months
Auto sales for the first 11 months of the year expanded by 28.9 percent as a result of high business and consumer confidence in the country.
In a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA), sales for January to November reached 153,163 up 28.9 percent from the 118,848 units sold during the same period a year ago.
Total industry sales for November alone, however, declined by 16.6 percent or 11,945 units versus October sales of 14,317. Sales of passenger cars for November declined by 22.8 percent to 3,922 units from 5,081 units in October.
Commercial vehicles for November declined 13.1 percent to 8,023 units from 9,236 in October.
Sales of Asian utility vehicles declined by 7.5 percent to 2,913 units from 3,149 in October. Sales of light commercial vehicles (LCVs) declined by 17.1 percent to 4,795 units from 5,782 units in October.
CAMPI said that the November sales is not the complete picture of the entire auto sales.
One company, Hyundai Asia Resources Inc (HARI), failed to submit its November figures. There have been reports that Hyundai is leaving CAMPI in order to concentrate on their newly formed group the Alliance of Vehicle Importers and Distributors (AVID). Industry insiders say this is the first time that a group is leaving CAMPI.
“We continue to be confident that this year 2010 will finally exceed the highest sales ever attained by the industry in 1996 of over 162,000,” Elizabeth Lee, CAMPI president said.
“This year is an interesting year for auto players given the successful and relatively peaceful elections which contributed a relatively high volume in the first half of the year, high consumer and business confidence, aggressive financing packages making it easy for consumers to purchase their vehicles, and continued strong remittances that fuels consumption,” she added.
Meanwhile, sale of passenger cars increased by 28 percent to 53,407 units during the 11-month period from 41,737 units in the same period last year. Likewise, sales of commercial vehicles increased by 29.4 percent to 99,756 units from 77,111 units in 2009.
Lee noted that the normal seasonality curve is not followed for this year given the unique circumstances surrounding the year with election spending and replacement of vehicles due to typhoon Ondoy.
Philippine Star Online
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