Automakers hike sales goal by 8.5%

Positive economic performance coupled with the introduction of new models have prompted the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) to increase their full year sales growth target to 8.5-percent from the original growth target of five percent.

In a joint statement, the local automotive manufacturers said the industry has raised its sales target to 108,000 units for the year, an 8.5-percent growth from a year ago level.

According to CAMPI and TMA, this will be the first time the automotive industry will breach the 100,000 mark.

The two groups said positive economic performance or the higher GDP  growth rate fueled by strong agriculture and business process outsourcing sectors, lower interest rates, stable exchange rate and sustainable OFW remittances helped boost the demand for motor vehicles.

The commercial vehicle sector with about 60-percent market share is expected to largely contribute to the growth with a projected 11-percent increase from last year’s sales. Sales of passenger cars are seen to grow by 4.7 percent this year.

“Auto industry sales are on track to hurdle the 100,000 unit sales mark by year end assuming continued implementation of the used car import ban coupled with the strong peso,” Elizabeth H. Lee, CAMPI president said.

In April, Mitsubishi introduced three new models of Sports Utility Vehicles (SUVs), the all-new Mitsubishi Outlander, Mitsubishi Endeavor and Mitsubishi Pajero. The month before, Honda introduced its new generation CR-V and Nissan unveiled its Super Safari.

Toyota Motor Philippines Corp. captured the biggest share with sales of more than 40 percent.

Far second was Honda Cars Philippines Inc. with 13.54 percent while Mitsubishi Motors Philippines was third with 12.76 percent. Number four was Isuzu Philippines Corp. with 6.85 percent. Completing the top five was Ford Motors Co. Phils. Inc. with 6.43 percent.