February Auto Sales jump 16.4% versus previous year
The automotive industry sold a total of 8,474 units for the month of February showing an increase of 12.7% from the January sales with both the Passenger Cars and Commercial Vehicle segments contributing a strong positive growth. With strong fundamentals, aggressive marketing and new model introductions for the year, 2007 is seen to be the year which can jumpstart significant growth for the industry. Year-to-date sales for the same period of Jan-Feb 06 vs 07 jumped by 16.4% on the back of strong CV sales with a 29.4% increase in same period sales.
"Sales are seen to continue a stronger growth trend in the coming months. Stronger sales can also be attributed to tighter controls on prohibited used imports by the government where consumers are warned of the dangers/ ramifications of buying these vehicles. Given sustained strong fundamentals, (strong peso, stable market)and relatively peaceful elections, buyers' confidence will remain strong." says Elizabeth Lee, CAMPI President.
Month on month PC sales (Feb vs Jan) increased by 21.4% due to the introduction of new models, dealer incentives and existing promos, a significant increase although year-to-date figures show a slight decline of -4%. PC sales will increase in the coming months.
YTD sales of CVs for the same period Jan-Feb 06 vs 07 sales jumped by 29.4% due to new model introductions and fleet sales deliveries, continuing the trend for demand for LCVs. Feb sales continues the trend with a Month on month sales growth of 8.8% compared to January sales. Strong sales of AUV and LCV segment that include vans, pickups, compact SUVs contributed to the positive performance. With more new models in the offing this year, sales for the CV category is expected to remain strong.
MTD February AUV posted an increase of 15.2% mainly due to extensive promos, unit availability and delivery to fleet customers.YTD sales also increased significantly by 37.4% compared to the same period last year due to the sustained sales of new models.
Sales in the LCV segment, comprised of pickups, vans, compact & full-size SUVs., showed an overall growth of 22.7% compared to the same period last year. Stronger sales of vans and pickups contributed to the significant growth in this segment.
Light Trucks sales increased by 21.3% compared to the same period last year sustained by sales of new models. For this month, this segment decreased minimally by 4.7% compared to January due to limited supply and pending fleet accounts.
Cat IV & V sales for February decreased by 5.9% compared to the month of January due to pending fleet account deliveries. Compared to the same period last year (Jan-Feb. 2006), sales increased significantly by 135.7%. Growth was mainly driven by sales of the front engine bus models.