Philippine Auto Sales Grow by 37.1% for first-half of 2010
Sales growth of 8.5% for month of June and first-half total to 37.1%
The first half of the year continues to show a strong growth for the auto industry to with a 37.1% total increase for the year. The month of June added another 8.5% sales growth selling a total of 15,189 units, the highest for a singular month's sales thus far.
During the previous month, the CAMPI revised its original forecast from 4% to 11% almost tripling the original forecast to end the year with 147,000 units for 2010.
Continuing to dominate sales is the Commercial vehicles (CV) segment with a 65.6% share of vehicles sold nationwide growing a robust 39.8% for the first half of the year. Total CV sales are already at 53,925. June sales added another 9% growth selling 9,717 units for the singular month.
Within the CV category, Light Commercial Vehicles (LCV) remain the sub-segment that shows the strongest growth of 50.1%. LCVs include the popular vans, pick up trucks, compact SUVs and full size SUVs. Total LCV sales were 35,033 units. June sales added another 7.7% growth selling 6,188 units for the month. Still showing strong sales growth is the AUV sub-segment with a 27.8% increase in sales for the same period, selling 17,750 units for the first 6 months.
Passenger cars continue to grow as well with a 32.2% growth for the first half of the year, selling 28,222 vehicles. June sales added another 7.7% growth selling 5,472 units for the month.
"Previously, due to the sharp double-digit growth, supply for some models had to catch up with the increased demand. Supply of stocks have started to normalize, serving the growing demand that continues to be robust. The industry sees continued strong growth for the coming months," says Elizabeth H. Lee, CAMPI President.
Vehicle sales growth is positively correlated to the growth of the economy. And with the GDP growth forecasted at 5%-6% for the year, automakers are expect sales to likewise remain positive.
Automakers credit these factors that continued robust growth: an improvement in the global economy, a brighter economic outlook, increased business and consumer confidence, stronger growth in remittances, aggressive financing packages, and increased activity by way of several new model introductions.
CAMPI is also gearing up towards its 3rd CAMPI International Motor Show this coming August 19-22, 2010 at the World trade Center.
"Based on the performance of the past 2 quarters, the pace has been set for yet higher sales volume opportunities for the coming months. There may be an opportunity as well to review and re-adjust the forecast for the year-end," says Ms. Lee.