Auto sales up 10% in first 10 mos
Ma. Elisa P. Osorio
Philippine Star
Auto sales went up by 10 percent during the first 10 months of this year as local automakers predicted they will be posting the highest yearend sales in a decade.
A joint statement of the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) showed that total vehicle sales from January to October stood at 104,757 units, up from 95,242 units sold during the same period last year.
However, on a month-on-month comparison sales showed a decline of 2.9 percent.
“Although the effect of the global crisis on the local auto industry is relatively minimal at this point in time, players are preparing for measures to guard against the devastating effect the crisis has had on other larger, mature, foreign auto markets,” CAMPI president Elizabeth H. Lee said in a statement.
Lee pointed out that developed countries like the US and Europe will suffer as a direct result of the global economic slowdown.
Local automakers continue to be cautiously optimistic, supporting the original forecast of 125,000 units to be attained by the end of the year.
“One of the possible ‘side effect’ of some OFWs coming back home is that they will be ‘forced’ to become dual income earners in the short to mid-term. Most may choose to become entrepreneurs against the backdrop of declining job opportunities as a result of the crisis. Bad times could somehow create some good opportunities for entrepreneurs. They must be supported as they are a significant engine for growth,” Lee said.
“Aggressive inventory management to maintain optimum cash flow will be priorities for local operations. At the same time, a market offensive stance to help mitigate the dire effects of the global meltdown locally, is for the government to aggressively support and encourage entrepreneurs most especially during these times,” she added.
Toyota Motor Philippines sold the most vehicles from January to October this year as it captured 36.1 percent of the market. It has sold 37,860 units overall. ?Mitsubishi Motors Philippines Corp commanded 13.9 percent shares with 14,543 units while Honda Cars Philippines Inc was a close third with 11.9 percent of the market which translates to 12,462 units.
Lee said that for the remainder of the year, buyers can take advantage of the last quarter sales programs of most automakes while at the same time enjoy the current price levels which have yet to reflect the full impact of the increase in raw materials and logistics cost.
“Recent model launches have likewise helped boost sales. Buyers can take advantage of remaining limited vehicle inventories with lower prices (while supplies last) while players slowly start to increase car prices reflective of the higher global raw material and logistics costs,” she said.
Sales of commercial vehicles continued to be strong with a growth of 10.5 percent during the 10-month period. Month on month, sales likewise increased by 8.8 percent ?because of fleet sales deliveries, timely stock arrivals and new models introduced. Lee said that the strong performance of the popular multi-use vans, pick ups and AUVs remain the backbone of this particular segment sales.
Toyota sold most commercial vehicles with 34.1 percent market share or 22,899 units. This was followed by Mitsubishi with a 19.6 percent share and 13817 units. Third was Isuzu Philippines Corp with 12.6 percent or 8453 units.
For passenger cars, year to date sales grew 12.3 percent compared to the same period last year. Compared to September 2008, the demand for PC went down by 11.3 percent.
Toyota sold 14,961 units with a 49.8 percent share of passenger car market. Honda had 25.6 percent of the market share with 9632 units while Hyundai Asia Resources had 9.2 percent market share with 3,455 units.
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