AUTO INDUSTRY NEWS

Philippine auto sales resume surge with 35.2% growth in March 2017

Philippine auto sales resume surge with 35.2% growth in March 2017 image

Brent Co / AutoIndustriya.com | April 11, 2017 11:38

Aggressive promos, stock arrivals continue to drive auto sales

Auto sales recovered from an 11.1% decline in February with a strong 36,561 units sold in March 2017. This strong performance represented a 35.2% increase due to aggressive promotions and stock arrivals as the industry continues its path of motorization. This is based on the latest report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).

Despite a ruling from the Land Transportation Office (LTO) preventing owners of new vehicles from using their cars pending registration papers and the uncertainty regarding the availability of license plates, consumer demand for new vehicles remain strong.

Compared to last year, it represents a 32.9% gain against the 27,515 unit total. Passenger Car sales increased by 4.5%, while Commercial Vehicle sales surged 52.8%.

Passenger car (PC) sales totaled 11,853 units, covering 32.42% of the market. Commercial vehicles continued to dominate the market at 24,708 units or 67.58% of the market.

The Commercial Vehicle sub-segments were still led by Light Commercial Vehicles (LCV), comprising 65.85% of CV sales with 16,271 units sold; 47.6% more than last month's 11,025 total. AUV/MPV sales were also slower at 6,921 units, gaining 20.9% compared to 5,725 last month. Truck sales continue to be brisk with more companies investing in brand new light duty to heavy trucks and buses. Light truck sales surging by 44.2%, selling a total of 1,014 units compared to the previous month's 703 unit total. Category 4 Heavy Duty Truck and Bus sales totaled 365 units (+10.6%) compared to last month's 330 units. Category 5 Heavy Duty Truck and Bus continued to buck the trend with 137 units sold, (-4.2%) compared to last month's 143 units.

Most marques experienced significant gains over their February figures with Ford registering a whopping 150% gain, after disappearing from the monthly Top 5 leaderboard. Honda also logged a significant 105.6% increase. Isuzu registered a 72.8% sales increase, while Mitsubishi sales gained 43.8%. Growing the least was leader Toyota, which only logged a 7.3% uptick.

The top five performing manufacturers for the month of March are:

1. Toyota – 13,532 units (37.01% market share)

2. Mitsubishi – 6,822 units (18.66% market share)

3. Ford– 3,754 units (10.27% market share)

4. Honda – 3,429 units (9.52% market share)

5. Isuzu – 3,290 units (9.00% market share)

"The Philippine automotive industry has, thus far, continue the path of motorization. While the first quarter performance gives us reason to be optimistic, we are still cautious about our own target for the year," said Atty. Rommel Gutierrez, CAMPI president.

For the first quarter of the year, Toyota Motor Philippines Corporation continued its commanding lead of the market with 43.27-percent. Mitsubishi Motors Philippines Corporation followed in second with 17.56-percent. Ford Motor Company Philippines, Inc. remains in third with 8.27-percent. Honda Cars Philippines, Inc. is in fourth position with 7.82-percent, with Isuzu Philippines, Corp. remains in fifth with 6.94-percent.