CAMPI: Philippine Auto Sales up 8.3% in First 11 months

Automotive sales went up by 8.3 percent to 114,564 units in the first 11 months of this year from 105.771 units in the same period last year despite a 7.7-percent drop in the November sales performance.

“The Philippine auto industry’s year to date growth rate is a stark contrast to that of the largest auto market — the US where the November auto sales plunged another 35 percent, the lowest in two decades,” Elizabeth H. Lee, Chamber of Automotive Manufacturers of the Philippine (CAMPI) president said. Read more

CAMPI: Automotive Industry Seen to Grow 2-4% in 2009

The local auto industry is expected to grow by a slower rate next year due to the global economic downturn.

“For next year, growth maybe between two and four percent, down from this year’s 10-percent growth,” CAMPI president Elizabeth Lee said.

According to Lee, the local industry is better off than other countries which has been besieged by falling sales as a result of the slowdown in global demand especially in the European and American markets.

“So far auto players remain cautiously optimistic given the local industry’s better performance versus that of other developed markets,” Lee said. Read more

Korean Car Distributor Granted Regulatory Approval

Korean automobile distributor Hyundai Asia Resources, Inc. (HARI) received regulatory approval on Wednesday to hike its capital fourfold to P1 billion.

British Virgin Islands firm Kibo Holdings Ltd., which owns half of HARI, increased its stake in the company by subscribing to the entire stock increase but paid for only P200 million, documents from the Securities and Exchange Commission (SEC) showed. Read more

Chinese Car Manufacturer to Invest $1B in RP

A Chinese car manufacturer is planning to invest $1 billion for an assembly plant in the country.

“We are already in serious negotiations with the manufacturer. They have expressed genuine interest in putting money here,” Francis Chua special envoy for Chinese investment and trade told The Star in an interview.

According to Chua, the slowdown in the global economy has not dampened the investment behavior of the firm. Read more

Car Firms Expect Flat Growth in 2009 as Crisis Hits

The Philippine car industry expects sales to slow next year as a result of a global economic downturn which threatens to cut consumer spending, especially among families dependent on relatives working abroad.

But for the moment, the Chamber of Auto Manufacturers of the Philippines, Inc. (CAMPI) remains confident that its 2008 sales target of 125,000 vehicles — “the most in more than a decade” — will still be met. Read more

RP Can Still Catch Up as Auto Production Hub for ASEAN

The Philippines can still catch on with its dream of becoming an automotive manufacturing hub in the region because Thailand cannot fully serve the requirements of a region with 600 million population and a faster growing economy.

Ford Group Philippines Chairman Henry Co said this in his presentation during a Local Government Conference for Sustained Philippine Competitiveness. Read more