2010 Auto Sales Continue Surge with 28.9% growth for 11 Months
Carmakers confident that industry will exceed sales targets
As the year 2010 enters the month of December, the Philippine Auto Industry posts sales figures year to date from January to November registering an overall growth of 28.9% thus far or 153,163 units against 118,848 units in 2009 for the same period.
"We continue to be confident that this year 2010 will finally exceed the highest sales ever attained by the industry in 1996 of over 162,000," says Ms. Elizabeth Lee, CAMPI President. "This year is an interesting year for auto players given the successful and relatively peaceful elections which contributed a relatively high volume in the first half of the year, high consumer and business confidence, aggressive financing packages making it easy for consumers to purchase their vehicles, and continued strong remittances that fuels consumption," she adds.
Posting a considerable increases were Passenger Cars, which increased by 28% year to date with 53,407 units sold thus far vs 41,737 units in 2009; and Commercial vehicles, which increased by 29.4% with 99,756 units vs 77,111 units sold in 2009.
However, total industry sales for the singular month of November declined by 16.6% or 11,945 units compared to the previous month's sales of 14,317 units. Passenger Cars sales for the month of November declined 22.8% selling 3,922 units in November against 5,081 units in October. Commercial vehicles for the singular month of November declined 13.1% selling 8,023 units against 9,236 units in October. AUV sales declined by 7.5% selling 2,913 units against 3,149 units in October. LCVs declined by 17.1% selling 4,795 units against 5,782 units in October.
The normal seasonality curve for auto sales was not followed in 2010, given the unique circumstances surrounding the year, which included election spending and replacement of vehicles due to flood damage from last year's Ondoy. This was reflected within the year especially during months expected to be low due to seasonality, showing continued increase in those months.
Overall industry sales remained on an upbeat with a 28.9% growth despite the single month decline in November compared to October.
CAMPI was quick to note that total industry sales figures for November 2010 are based on incomplete sales reports received from members as of close of office hours Dec 8, 2010.