RP Posts 6.4% Increase in Auto Sales Amid Regional Slump
January 16, 2010 by Tsikot
Carmakers exceeded their expectations last year, selling 132,444 vehicles or 6.4 percent more than they did in 2008, and on the back of higher demand sustained by remittances and aggressive financing offers.
Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc., said the strong December sales of 13,596 units, the industry’s highest monthly total in a decade, allowed carmakers to exceed their 4-percent growth forecast for 2009.
“Although December sales were expected to be seasonally higher, the stronger spike [that month] was a welcome result,’’ Lee said.
This augurs well for 2010.”
Last month’s sales were 37.5 percent higher than the 9,885 units sold in the same month in 2008. The average monthly sales volume for the year stood at 11,073 units.
Lee said a higher rate of vehicle replacement, strong remittances from workers abroad, and aggressive financing packages fueled consumption and drove sales higher.
Despite the global slowdown, the local industry managed to outperform its Asean neighbors, where sales fell 29 percent in Indonesia, 26 percent in Singapore, 21 percent in Thailand, and 8 percent in Malaysia.
Sales of passenger cars grew 4.1 percent, with 46,228 vehicles sold,while commercial vehicle sales grew 7.7 percent with a total of 86,216 vehicles sold nationwide.
Lee said the increase in overall sales for the commercial vehicle segment reflected the Filipino buyers’ preference for dual-purpose vehicles.
The light commercial vehicle segment, in particular, booked double-digit growth at 15.8 percent, with over 52,700 units sold. The group includes the popular Asian utility vehicles, pick-up trucks, vans and compact wagons.
Stronger growth in this segment is expected this year, even as the industry projects a conservative 4-percent growth in year-on-year sales.
“The factors that will affect stronger sales for 2010 include fleet deliveries to the national and local government, relatively good economic growth forecast of about 4.4-percent growth, and improved demand resulting from higher remittances,’’ Lee said.
“That, in turn, will likely support the peso, election spending, aggressive promotions from auto players and expected new model introductions. The year 2010 should be an exciting year for all.’’
Toyota Motor Philippines Corp. is still the dominant brand, with a total of 46,193 units sold for the year and a 34.9-percent share of the market. Its sales for 2009 was a mild improvement over the 45,915 units sold in 2008.
Mitsubishi Motors Philippines Corp. came in at number 2 with 23,247 units sold last year, 32.5 percent higher than the 17,539 units that were sold in 2008.
Honda Cars Philippines Inc. was in third place with 17,168 units sold, 20.1 percent higher than the 14,298 units sold in 2008.
Mitsubishi and Honda ended the year with market shares of 17.6 percent and 13 percent, respectively.
Hyundai Asia Resources Inc. was in fourth, with 11,086 units sold, up 8.7 percent over the 10,203 units sold in 2008. It accounted for 8.4 percent of the industry’s total sales.
Rounding up the list of the top five best-selling brands was Isuzu Philippines Corp. with 9,213 units sold for the year, a drop of 8.8 percent from the 10,101 units sold in 2008. It ended the year with a market share of 7 percent.
by Elaine R. Alanguilan
Manila Standard Today
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