Philippine auto industry maintains uptrend in November
Industry to surpass target of 108,000 units
"2007 is proving to be an auspicious year for the auto industry with the strongest growth so far in a decade with a growth rate of 18.3% compared to the same period last year. The industry will surpass its own target of 108,000 units for 2007 with only 2,226 units remaining to hit the target. Monthly sales this year averaged 9,615 units. The industry will end the year with sales of over 110,000 units-- the best sales performance in a decade," said Ms. Elizabeth Lee, President of the Chamber of Automotive Manufacturers of the Philippines (CAMPI)
"Overall, passenger car sales have so far grown by 7.5% and the Commercial vehicle segment carrying the bulk of the growth with a 25.2% increase in sales a month before the year ends. The market is still heavy on CV sales cornering 61% of total vehicles sold nationwide. The strong growth is due to a number of factors which include the strong peso, relatively stable market, strong economic indicators with GDP growth of 7.3%, largest line-up of model introductions for the year, final SC resolution on the ban on used vehicle issue, and continued implementation by government agencies of the ban against used vehicles," added Ms. Lee.
The sales for the Passenger Car segment still proved to be strong as it sustained its growth contributed by the arrival of stocks and active sales campaign. For the year, 37,373 units were already sold equivalent to 7.5% increase. Even with the decline of 10.6% for the month of November, PC sales still held their ground with a significant growth for the year of 7.5%.
CV sales continue to dominate the market with a significant growth of 25.2% year to date.The slight decline in November did not affect the overall performance of the CV segment. The strong 25.2% growth is due to the continued popularity of utility vehicles such as pick up trucks, AUVs, and vans-- vehicles mostly used for dual purpose. Most aggressive promotions are currently on-going which will boost overall sales further for this segment.
New models for the AUV segment continue to support the strong growth with a 28,418 unit sales for the Jan-November period yielding a notable 27.8% growth due to continuous demand on AUV diesel models. Month on month posted a 6.8% decrease due to pending completion of new fleet deals.
Sales of the LCV segment continue to be the strongest CV segment with 37,287 units sold so far yielding a 23.4% increase. The popular vans, pick up trucks, and compact wagons are the sources of growth for the segment. It is also the only main segment that is consistently in the positive area of growth. Buyers are in for an exciting year-ender as players are looking to close year-end sales at the highest volume for the year.
Light Trucks sales sustained its growth with a significant increase of 21.6% compared to the same period last year. But for November, this segment decreased by 27.7% versus October due to completion of fleet transactions.
Another CV segment which continues to move forward is the Cat IV & V, truck& bus category which posted a growth of 25% compared to the same period last year (Jan-November 2006).Growth was mainly driven by sales of the front and rear engine bus models.For the month of November, Cat. 4 increased by 10.8% due to increase in fleet requirements and deliveries.