Growth still on track with 8.3% growth compared to last year
Still, the Philippine auto industry is faring relatively better than its bigger counterparts. Commercial vehicles continue to dominate overall vehicle sales nationwide with a 64% market share gaining 6.7% growth in sales. Passenger cars with 36% share gained 11.3% compared to the same period last year.
"The Philippine auto industry's Year-to-date growth rate is a stark contrast to that of the largest auto market- the US where Nov. US auto sales plunged another 35%, the lowest in two decades. The local auto industry however, is still cautiously optimistic as it may still reach a year end sales volume that will show the highest sales in 11 years. With the availability of credit in the market, buyers continue to buy but have become more scrutinizing in the purchase of vehicles. Competition remains stiff." says Ms. Elizabeth Lee, CAMPI head.
Passenger Car (PC) Year-to-date sales continued its robust sales with 11.3% increase compared to the same period last year (Jan-November 2007). Compared to October 2008, the demand for PC decreased by 3.1% attributed to low supply levels.
With Commercial Vehicles (CV) continuing to dominate the market with a 64% market share, CV YTD sales continued to be strong with a growth of 6.7% compared to Jan-November 2007. Month on month (November vs. Octoberr 2008), decrease was posted at 10.3%. Such decrease is attributed to delays in the arrival of supply. It is forecasted that sales will grow in the coming months.
MTD, AUV posted a positive growth of 1.8% compared to October 2008 due to stock availability and intensive promos. YTD sales continued to increase with a 4% growth compared to the same period last year (Jan-November 2007) due to consumer preference for multi-purpose vehicles.
Sales in the Light Commercial Vehicle (LCV) segment, (pickups, vans, compact & full-size SUVs) showed an overall growth of 9.5% compared to the same period last year (Jan-November 2007). For the month of November 2008, sales of LCVs decreased by 16.9% compared to October 2008 because of limited stocks and the possible wait and see attitude of some buyers particularly in the higher-end segment. Overall however, the LCV segment still carries the bulk of CV sales with 41,095 total LCVs sold in the country. Sales in the segment are expected to be higher in December.
Light Trucks YTD sales decreased by 11.4% compared to the same period last year (Jan-November 2007). Also, for MTD sales, 8.6% decrease was registered compared to October 2008 due to lower fleet sales transactions.
Cat IV & V sales for November 2008 decreased by 29.6% compared to the month
of October 2008 due to pending fleet sales delivery. YTD sales posted a 13.8% growth compared to the same period last year.(Jan-November 2007) primarily sustained by the sales of front engine bus models.