"We continue to expect relatively robust sales for the year with supply trying to keep up with the rising demand," says CAMPI President Ms. ELizabeth H. Lee. Both Passenger Cars (PC) and Commercial Vehicles (CV) continue to register double-digit growth of 29.8% and 40.5% respectively. On a month on month basis (May vs April), PCs gained 9% for May while CVs declined 7.1% mainly due to lack of supply/shortage of stocks.
Despite the trend, CVs continue to dominate overall vehicle sales nationwide with LCV sales showing the highest growth of 52.2% for the first 5 months. LCVs continue to be popular among Filipino buyers with the bulk of sales coming from pickup trucks, vans, and compact SUVs. AUVs likewise contributed to CV sales, growing 26.7% for the first 5 months.
With the industry's healthy performance for the first 5 months of the year, CAMPI has adjusted its forecast from the previous 4% growth to 11% reflecting total year end sales of 147,000 units with PCs forecasted sales volume of about 51,000 units or about 35% market share while CVs are forecasted to end the year selling about 96,000 units nationwide cornering a 65% market share. To date, the industry is averaging about 13,390 units per month- a healthy average compared to previous years.
"The industry is quite positive with the sales results thus far and is looking forward to sustained growth for the coming months. Factors that will continue to bolster vehicle sales include aggressive financing packages, OFW remittances that spur consumption, as well as the positive effect of the relatively successful automated elections that help boost both consumer and business confidence," says Ms. Lee. Meantime, CAMPI is also gearing up for the much awaited, upcoming 3rd Philippine International Motor Show this August 19-22, 2010.