The local auto industry registered a remarkable +2.7% growth in sales selling 9,027 units for the month of February vs January. Remarkable in a sense especially when compared to how other major markets are performing led by the largest auto market, the US where auto sales plunged another 41% in February alone. Although YTD local sales registered a slight 2.5% decline for Jan-Feb 09 vs the same period in 08, local PHI auto players are hopeful that the increase in local February sales is a positive sign indicative of a growth trend for 2009.
Industry players continue to be optimistic with a forecast of between 2% to 4% growth for the year. Steady sales are expected in the coming months. " We are indeed thankful and continue to be cautiously optimistic especially when 2/3 of the world went into recession last year and auto sales elsewhere are plunging." says CAMPI head Elizabeth Lee. "We continue to bank on sustained OFW remittances, the entrepreneurial trend, and the critical stable financing market to help boost sales." she adds. Commercial vehicles (CV) continue to dominate the market with a 63% market share registering an 8.5% growth versus January sales.
YTD passenger car sales grew by 7.6% although February sales declined by 6.6%. Nevertheless, PC sales were at 3,162 for the month of February. The introduction of some new models will continue to boost sales in the segment. Sales are expected to grow in the following months.
Commercial vehicles continue to dominate nationwide sales. CVs posted an 8.5% growth in February vs January sales although YTD sales declined by 7.6 when compared to the same period last year. The growth in Feb sales was supported by a strong growth in AUV sales as well as continued growth in the LCV segment. CV sales are expected to grow in the coming months.
The month of February showed strong growth from AUVs with a 24.7% jump in sales vs. January although YTD sales compared to the same period last year declined by 20%. The increase in Feb sales is a strong indication of perhaps the start of a positive growth trend in the coming months. Strong sales in this segment are backed by purchases of vehicles used for business.
LCV sales continue to be sustained reflecting a growth of 1.2% and a growth for YTD sales as well. There are 7,021 LCVs sold nationwide with 3,531 units sold in February thus far. Buyers continue to support sales of pick up trucks, vans, and compact wagons. This segment remains resilient with buyers looking for value for money in their purchases. Recenty introduced new models also helped boost sales in the segment.
Light Trucks sales increased by 10.5% compared to the same period last year. This segment grew by 17.4% compared to January 2009 due to the introduction of new models.
Compared to the same period last year (January 2009), sales also decreased by 26%.