Sales figures expected to exceed forecasted 2.3% growth
Philippine auto sales continues its growth momentum as the year 2009 approaches its end. A 3.9-percent growth was recorded for the period of January to November. Total vehicle sales was pegged at 118,848 units with another month to go, CAMPI is confident that will exceed its 2.3% growth target it recently announced for the year. The influx of sales is credited to the aggressive promotions and support from banks, strong OFW remittances and replacement purchases from typhoon struck car owners.
"Buyers get to take advantage of the promotions and strong support from auto players as well as banks most especially for those seeking to replace their flood damaged vehicles." says Ms. Elizabeth H. Lee, CAMPI President.
Further, despite the recent bad news regarding Dubai, which was feared to have a great impact on remittance, reports have shown that remittances will continue to be strong and will not be affected much. "We are keen on tracking the health of remittances as this is a major factor in consumption where the auto industry is a key beneficiary." says Ms. Lee.
Sales for the month of November sales were sustained from the previous month achieving a flat (-0.5%) growth, selling almost the same number of vehicles at a high of 12,702 units for the singular month. However, 29.5% more vehicles were sold compared to the same month last year, showing better resilience by the industry. Passenger cars realized a YTD growth by 1%, while Commercial vehicles harvested a 5.3% growth YTD, contributing to the bulk of auto sales.
PC sales in November was relatively flat compared to the previous month. However, year-on-year figures draw the strong picture that 2009 sales are continuing on an uptrend. Compared to the same month last year, sales for PCs grew by 14.6%. Continued growth is expected to finish the year for PC sales.
Still comprising to the bulk of sales at 77,111 units was the CV segment thus far cornering a significant 65% share of overall vehicle sales nationwide. LCVs in particularly showed much strength with a double digit growth of 13.9% , selling a total of 47,383 vehicles composed of the popular vans, pick up trucks, and compact wagons. Adding to strong sales are fleet deliveries to the national and local government as well.
Although YTD AUV sales are down by 7.1%, when compared to the same month last year, this segment fared well with a 24.4% growth for the same month. AUVs will continue to be a significant segment in auto sales. The LCV segment remains to be the darling of all segments thus far with a strong double-digit 13.9% growth for the year with only a month to close the year 2009. November sales were sustained selling almost the same volume as the previous month selling 5,146 units. Strong growth is expected and will be seen in the month of December. The continued growth trend is expected for this segment going into 2010.
"We are likewise upbeat going into 2010 with our official forecast of 4% growth for next year or about 132,000 unit sales against the backdrop of national elections next year." says Ms. Lee.