Auto sales hangs on to growth at 35.9%
MANILA – Auto sales remain robust, sustaining a 35.9 percent growth year-to-date with 129,901 vehicles sold nationwide.
September sales helped maintain the overall growth with sales for the month on positive territory, although growth was minimal for the singular month ( +0.8 percent) selling 14,447 vehicles nationwide.
With only three months to go, the industry is gearing up to exceed the 1996 sales figure of 162,000 units for the first time in more than a decade. The industry will just have to sell an average of 11,700 units for the next three months to achieve this milestone.
Given the sustained robust growth for the first three quarters, the industry has yet again adjusted the forecast, targeting a minimum of 170,000 units to as high as 175,000 units for the year from its last 165,000 unit target. The industry has adjusted its forecast upward for the third time.
“Sales for the last quarter should remain healthy as consumer and business confidence remains steady,” Elizabeth H. Lee, president of the Chamber of automotive Manufacturers of the Philippines Inc. said.
“OFW remittances which drive car sales, are expected to surpass the $18-billion mark, coupled with banks awash with cash, financing packages and promotions readily available, and players ramping up towards the tail end of the year, we can expect sustained sales to cap off 2010 as a good year for auto sales,” she said.
Another good news that will support formal local auto sales is the government’s stronger drive against prohibited used car imports. This augurs well for the industry, particularly the recent ruling of the Regional Trial Court upholding EO 156, which prohibits the entry of imported used vehicles.
Both Passenger Cars and Commercial Vehicles saw strong sustained growth with 34 percent and 36.9 percent increase in sales respectively. Commercial vehicles (CVs) continued to dominate overall vehicle sales nationwide with a 65 percent share of sales while passenger cars (PCs) covered 35 percent.
For September, PC sales rose by 3.6 percent while CVs declined negligibly by -0.7 percent due to delayed arrival of units.
Asian Utility Vehicles (AUVs) continued to grow with a strong 29.6 percent increase in sales year to date. Light commercial vehicles (LCVs), which comprise of pick up trucks, vans, compact wagons, full size Sports Utility Vehicles (SUVs) continued to be the strongest segment with a strong double-digit 43.4 percent, owing to the popularity of dual purpose utility/ function of these vehicles.
Sales of light trucks this year compared to same period last year grew by 3 percent due to availability of units. Month-on-month sales increased by 2.4 percent due to sales promotion, deliveries and fleet account.
Sales of trucks and buses increased by 14.9 percent in September compared to August 2010 due to high demand for current models and fleet deliveries. Year-to-date sales declined by 10.1 percent due to delayed deliveries of units and limited stocks.*PNA
