Auto sales surge 37% in first 8 months

MANILA, Philippines - Auto sales went up by 37 percent to 112,454 units during the first eight months of the year from 82,081 units a year ago, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association of the Philippines (TMA) reported yesterday.

On a month-on-month basis, however, a 10.2-percent decline was recorded in August with sales reaching 14,335 units from 15,972 units sold in July. The decline was a result of the lag in order and the shortness of supply combined with the usual slowdown in demand for August.

“Overall, vehicle sales for this year continue to largely outpace last year’s sales results drawing a stark difference in the rise in consumer and business confidence reflected in vehicle purchases,” Elizabeth H. Lee, CAMPI president said.

“Rising confidence is further supported by the global recovery from the recent recession. Continued robust sales is seen in the coming months with the Chamber having to revise yet again, our target forecast for the year,” she added.

Lee said the revised forecast will be shared in the next few days after further validation by each CAMPI member. “This year is looking to be the year that the local auto industry will surpass the highest sales ever attained in 1996 of over 162,000 units.”

Toyota Motor Philippines (TMP) remained as the number one brand as it cornered 32.5 percent of the market. This was followed by Mitsubishi Motor Philippines Corp with 18.9 percent of the market and Hyundai Asia Resources Inc. with 12.2 percent.

Sales of commercial vehicles continue to dominate nationwide sales with a 65.2 percent market share or 73,328 units. Passenger cars cornered the remainder of sales or selling 39,126 vehicle year to date. Growth for commercial vehicles remain very strong with a 38.3 percent growth while passenger car sales growth is likewise robust with a 34.6 percent growth for the first eight months of the year.

Under the commercial vehicle segment, light commercial vehicle remain the segment that shows the best potential for growth, consistently showing the strongest increase in sales with a 45.8 percent growth, selling 47,352 units. AUVs likewise showed strength, growing 29.9 percent, selling 24,184 vehicles to date.