Auto sales takes a dive for the month of August due to the expected "ghost month", declining by 8.8-percent, bringing the year-to-date auto sales percentage down by 1.3-percent. The industry however, still managed to pull through with better YTD numbers - a slight improvement which industry members forsee to be stronger in the coming months. The industry remains cautiously optimistic and sees stronger sales henceforth especially with the many recent launches with gives buyers a wider range of vehicles to choose from.
"We are thankful that sales improved though slightly in terms of year to date figures. The industry remains positive and is banking on continued and stronger OFW remittances which will spur consumption coupled with auto loans seen to grow as well in the coming months. So far, lower rates have helped auto sales,"says Ms. Elizabeth Lee, CAMPI President.
Commercial vehicles (CV) continued to contribute to nationwide vehicle sales by dominating with a 64.6% share. Although, an 11.8-percent decline was posted for the month while overall CV sales declined by 1.6-percent. Passenger car (PC) sales declined by three percent for the month and less than a percent for the first eight months of the year, due to unit and color unavailability for popular models.
AUV sales eased off due to absence of fleet sales and low supply of high volume models bring forth a 14-percent decline. Bucking the downward trend are light commercial vehicles (LCV), the sole segment that posted a year to date positive growth of 7.4% thanks to the popular pick up trucks, vans, and compact wagon sales. Better sales results is seen in September onwards.
Automakers are still remain positive with the results considering the dire impact of the global downturn on most economies. The industry expects robust sales in the coming months as market conditions improve. However, automakers need to sell an average of about 10,730 units to attain the flat growth projected for the year.
Toyota continues its dominance of the the total vehicle sales with 28,076 units, however posted a 6.6-percent decline compared to last year; Mitsubishi followed in second with 14,763 units, but posted the biggest margin of increase in sales of 32.5-percent; Honda's 11,559 units puts them in third, as their sales also increased by 17.7%.