Auto industry continues to shift to higher gear with double-digit growth
"The auto industry continues to shift to higher gear with double-digit growth of 17.3% compared to the same period last year, posting 54,259 vehicle sales for the first half of the year. Month on month sales were sustained, selling 9,737 units for the month of June. The strong growth for the 1st semester can be attributed to new models launched so far, coupled with the strong PESO buoyed by the growing economy. Growth is seen in the next half of the year with auto players' optimism in the revised economic growth of over 6.1% -6.5%GDP against the backdrop of the pending Market Expansion Program that will enhance as well as encourage local assembly & local parts sourcing resulting in job retention, creation, and expansion of the Philippine local auto industry that is ready for investments. For buyers, the 2nd half of the year will prove to be much more exciting with auto players launching more new models, a number of which will be launched at the much anticipated International Motor Show organized by CAMPI on Aug. 9-12 at the World Trade Center. 2007 might just prove to be the year that the auto industry accelerates to higher growth that should be sustained in the coming years," said Elizabeth Lee, CAMPI President.
Although the month on month sales for the PC yielded an 11% decline due to low stock levels of new models launched, the sales for the segment still proved to be strong with a total 5.9% growth for the year selling over 19,000 units for the year so far.
CV sales continue to dominate the market with a robust growth of 24.6% for the first half of the year so far. June showed an uptick of 7.5% in sales versus May. CV segment continues to be the driver of growth for the total auto industry selling over 35,200 units so far.
New models for the AUV segment continues to support the strong growth with almost 15,000 unit sales for the first half of the year yielding a 27.4% growth so far.
Sales of the LCV segment continues to be the strongest CV segment with over 18,800 units sold so far. The popular vans, pick up trucks, and compact wagons are the source of growth for the segment. The strong growth of 21.5% is seen to continue in the coming months. Fleet deliveries also boosted sales for the segment. Buyers have much to look forward to, with model launches slated in the 2nd half of the year.
Light Trucks sales increased significantly by 35% compared to the same period last year sustained by sales of new models. For this month, this segment however decreased by 7% compared to May due to limited stocks.
Cat IV & V sales for June increased significantly by 45% compared to the month of May due to fleet deliveries. Compared to the same period last year (Jan-June 2006), sales also increased by 47%. Growth was mainly driven by sales of the front and rear engine bus models.