Vehicle sales for the 1st half

[rockiee_s]

Taken from: inquirer.net http://business.inquirer.net/money/t...-in-first-half

By Abigail L. Ho
Philippine Daily Inquirer
First Posted 22:52:00 07/09/2010



VEHICLE SALES IN THE FIRST HALF SURGED BY 37.1 percent to 82,147 units, from 59,909 units in the same period last year, reflecting increased consumer confidence and a better economic outlook for the rest of the year.
According to data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association, sales in June alone were 8.5 percent higher at 15,189 units. It was by far the highest sales registered for a single month.

Considering the industry’s strong performance in the first semester, Campi president Elizabeth Lee said the group would consider revising anew its full-year sales target, which was set at 147,000 units—an 11-percent growth from the previous year.

Campi’s original growth projection for the year was only 4 percent, but this was revised and almost tripled, following strong sales in the first four months.
“Based on the performance of the past two quarters, the pace has been set for yet higher sales volume opportunities for the coming months. There may be an opportunity as well to review and re-adjust the forecast for the year,” Lee said.

As in previous months, commercial vehicles accounted for bulk of the sales in the first six months, posting a 39.8-percent growth to 53,925 units from 38,567 units last year.

The light commercial vehicle sub-segment—composed mainly of vans, pickups, and compact and full-size sport utility vehicles—posted the strongest growth in the first half at 50.1 percent to 35,033 units, from the 23,336 units sold in the same period last year.

Sales of Asian utility vehicles were likewise strong, reaching 17,750 units—a 27.8-percent improvement from the previous year’s 13,884 units.

Passenger car sales also expanded to 28,222 units in the first six months, up 32.2 percent from the 21,342 units sold in the same period a year ago.

“Previously, due to the sharp double-digit growth, supply for some models had to catch up with the increased demand. Supply of stocks has started to normalize, serving the growing demand that continues to be robust. The industry sees continued strong growth in the coming months,” Lee said.

Toyota Motor Philippines Corp. continued to be the industry’s No. 1 player, selling 26,493 units for a 32.3-percent share of the market.

Holding the No. 2 spot was Mitsubishi Motors Philippines Corp., which further expanded its market share to 19.1 percent by selling 15,653 units in the January-June period.

Hyundai Asia Resources Inc. held the third slot with first semester sales hitting 9,834 units for a market share of 12 percent.

[uls]

sana you posted the article here:

http://tsikot.yehey.com/forums/showthread.php?p=1513446

so the local auto industry cheerleaders will go

[rockiee_s]

ay..

pwedi ba ipalipat sa moderator?

[_Cathy_]

Does this mean Filipinos have more money now than the previous years?

My officemate and I were speculating about how some people probably got a large bonus since our office parking lot has so many brand new cars.

[uls]

meron pang downpayment

ask the banks about delinquencies

[tidus1203]

Yep the banks are very aggressive right now in car loans business... DP is easy! Paying the monthly is another thing... Most people who buy cars on loan is probably depending on some kind of fixed income. Lose that fix income (a job most likely) then kaputs there goes the monthly...

[_Cathy_]

Why do people avail of the 20% down with monthly payments of over 20K? If one could afford to pay 20K monthly, then one must have the money to pay at least 40% down?

[tidus1203]

^^Even if they make that much, as uls said on another thread most of these people quickly upgrade their lifestyle as soon as their incomes are raised... So muka parin silang mahirap kasi ang baba ng DP nila tapos ang taas ng monthly kasi that's all they can afford.

IMO you don't deserve to buy a car if kaya mo lang 20% DP tapos 5 years to pay... You are spending beyond your means!

[_Cathy_]

But do you consider it wise if you have money to buy in cash but instead took a car on loan at 50% down, 3 yrs to pay then used the remaining money on business.

My prof told me that people who are good with money know how to take advantage of credit.

[tidus1203]

Yeah credit is useful for MONEY MAKING VENTURES... Pero a car will always lose value, go get yourself a used car if buying a car is taking tole on your finances...