"The strong first quarter result augurs well for the whole auto industry. We will have to revise our original forecast upwards given the first quarter trend. We are looking forward to continued strong sales in the coming months compared to the same period last year" says Ms. Elizabeth H. Lee, CAMPI President.
Auto sales nationwide added another 14.3% growth in sales for the month of March compared to February, and 33.8% growth when compared to the same month of March last year.
"Stronger consumer confidence is partly reflected on strong vehicle sales-vehicles, being an asset and an integral part of the country's growing group of entrepreneurs' businesses," says Ms. Lee.
Passenger Cars (PCs) grew by 26.5% year to date selling a total of 13,009 units for the 1st quarter 2010. March monthly sales added another 3.2% vs Feb and when compared to the same month of March in 2009, PCs grew by 23.9% in Mar 2010 vs 2009.
"A slew of new model introductions added to the increase in sales coupled with continued aggressive financing programs offered, giving buyers plenty of choices with easy to own packages that make owning a vehicle more accessible and available to a larger group of consumers," says Ms. Lee.
Commercial Vehicles (CVs) grew by a whopping 40.6% year to date selling 25,700 units nationwide for the 1st quarter of the year. March 2010 sales added another 20.5% growth vs Feb 2010 and when compared to the same month in 2009, CV sales also surpassed 2009 figures by 39.1% (Mar 09 vs Mar 2010). CVs continue to dominate the market with a higher 66.4% market share backed by strong sales of AUVs and LCVs.
"Further, continued robust sales of dual purpose vehicles such as AUVs, LCVs (pick up trucks, vans, compact wagons) reflect the majority of Filipino buyers' penchant for value-for-money purchases," she adds.
LCVs which are comprised of pick up trucks, vans, and compact wagons, remain the strongest segment with a whopping 48.9% increase in overall sales thus far, selling a total of 16,809 vehicles under this category. The month of March added an additional 21% growth vs Feb sales.
AUVs registered a 32.5% increase in sales selling 8,385 units for the first 3 months with March sales adding an additional 19.1% vs Feb sales.
"2010 is looking to be a pretty good year for auto industry. It is an exciting year most especially for buyers with many new models to be introduced within the year as well as the upcoming and much awaited CAMPI Philippine International Motorshow to be held on August 19-22 this year, said Ms. Lee"