Automotive sales rose 10% in 1st quarter
Manila Standard
Local automotive sales rose 10 percent year-on-year to 28,904 units in the first quarter of 2008, sustaining the momentum last year when they climbed past the 100,000 mark for the first time in a decade.
The Chamber of Automotive Manufacturers of the Philippines Inc. said sales in March hit 10,624 units, up 12 percent from the level in February and 4.1 percent on year.
“There is still a relatively strong demand for vehicles as consumers continue to buy cars, albeit with much more discretion as higher food and fuel prices come into play in the purchase decision,” said Campi president Elizabeth Lee in a statement.
She said consumers appeared to prefer vehicles that double for personal and business use.
“Buyers are also smarter nowadays, choosing to purchase brand new cars that yield a longer lifespan, making their investments last,” said Lee.
Passenger car sales grew 7.6 percent in the first three months of the year to 9,830 units, while commercial vehicles increased 11.8 percent to 19,074.
Commercial vehicles continue to dominate the market with a share of 66 percent.
“The industry still foresees a growth for the year. Sustained economic growth is also key to the industry’s growth as it is positively correlated to auto industry growth,” said Lee.
Campi sees total industry sales of 125,000 units in 2008 from the actual 117,903 in 2007.
Lee said remittances of migrant Filipino workers would help boost private consumption despite the stronger peso.
She said the upcoming 2nd Philippine International Motorshow to be held in the second half of the year was also expected to sustain demand for new vehicles.
The robust growth of the passenger car segment is expected to be sustained in the coming months, helped by promotional activities and the launch of new models.
The commercial vehicle sector grew 11.8 percent on year, which Lee said was a good start for the dominant category.
She attributed the growth to stock availability and continuous promotional activities. “We forecast sales to continue to be strong in the coming months,” she said.
Toyota Motors Philippines Corp. held on to the top spot with 10,119 units sold in the first quarter and a corresponding market share of 35 percent.
Honda Cars Philippines Inc. was a far second with 4,034 units sold and a market share of 14 percent, followed by Mitsubishi Motors Philippines Corp. with 3,684 units and 12.7 percent.
Hyundai Asia Resources Inc. followed at the fourth spot with 2,369 units and a market share of 8.2 percent.
Isuzu Philippines Corp. rounded up the list of top five best-selling vehicle brands with 2,330 units sold and market share of 8.1 percent.
Elaine Ruzul S. Ramos
No Comments, Comment or Ping
Reply to “Automotive sales rose 10% in 1st quarter”