Philippine auto sales in May 2019 saw a double-digit growth as the industry drives towards its road to recovery. Strong sales of Commercial Vehicles (CV) and the rebound of Passenger Cars (PC) were attributed as the main drivers of this positive movement.
A longer work month, strong promotions, new model launches, and the midterm elections also played their part in propping up sales in May.
Consolidated sales of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) members totaled to 33,578 units, representing a 15.52% increase, selling 4,512 units more than 29,066 units the previous month.
"More than a slight positive uptick, May 2019 saw double-digit growth reminiscent of the auto industry's impressive performance from two years ago. If this trend continues, we can say that the market has already adjusted or even recovered from certain factors that have been affecting car sales since 2018,"commented Atty. Rommel Gutierrez, CAMPI president.
Passenger car (PC) sales totaled 10,040 units, covering 29.92% of the market. Commercial vehicles (CV) continued to take a larger share of the market at 23,518 units or 70.08% of the market.
Light Commercial Vehicles (LCV) led the CV subsegments, comprising 81.61% of CV sales with 18,911 units sold; 16.94% more than last month's 16,412 total. AUV/MPV segment sold 3,192 units, surging by 46.6% from 2,178. Truck and bus sales were mostly up. Light truck sales gained 19.9%, selling a total of 639 units compared to the previous month's 533 unit total. Category 4 Heavy Duty Truck and Bus sales went down to 348 units (-8.7%) compared to last month's 381 units. Category 5 Heavy Duty Truck and Bus rose to 137 units, (48.9%) from last month's 92 units. AVID member Hyundai Asia Resources Inc. logged a total of 123 truck units sold.
“At the start of the year, we saw a big gap in sales versus last year. As we move forward, we can see positive signs of recovery. Our May YTD sales is already at par with last year’s figures. With stable economic trends, we are optimistic to end the year with market growth,” added Gutierrez.
Both inflation and interest rates appear to be stable for the first half of the year.
The top five performing manufacturers for the month of May are:
- Toyota – 13,845 units (41.26% market share)
- Mitsubishi Motors – 5,075 units (15.12% market share)
- Nissan – 3,840 (11.44% market share)
- Hyundai – 2,042 units (6.08% market share)
- Suzuki– 2,022 units (6.02% market share)
Toyota Motor Philippines Corporation continues its commanding lead of the market with 36.66-percent. Mitsubishi Motors Philippines Corporation follows in second with 15.8-percent. Nissan Philippines Inc. in a strong third with 10.75%. Hyundai Asia Resources, Inc. is in fourth with 9.19%, and Ford Philippines in fifth position with 5.94-percent.