Robust Auto Sales Prompt Auto Manufacturers to Hike Projections
New industry target set at 175,000 units for the year
Auto sales remain robust, sustaining a 35.9% growth year to date with 129,901 vehicles sold nationwide. September sales helped maintain the overall growth with a sub 1% increase selling 14,447 vehicles nationwide.
With only 3 months to go, the industry is gearing up to exceed the 1996 record sales figure of 162,000 units. The industry will just have to sell an average of 11,700 units for the next 3 months to achieve this milestone.
Given the sustained robust growth from the first 3 quarters, the industry has yet again adjusted their forecast, targeting a minimum of 170,000 units to as high as 175,000 units for the year from its last 165,000 unit target. It is the third time CAMPI has adjusted its forecast upward for the third time.
"Sales for the last quarter should remain healthy as consumer and business confidence remains steady," says CAMPI President Ms. Elizabeth H. Lee.
"OFW remittances - which drive car sales- are expected to surpass the USD$ 18Billion mark, coupled with banks awash with cash, financing packages and promotions readily available, and players ramping up towards the tail end of the year, we can expect sustained sales to cap off 2010 as a good year for auto sales," she adds.
Another good news that will support formal local auto sales is the government's stronger drive against prohibited used car imports. This augurs well for the industry particularly the recent ruling of the Regional Trial Court upholding EO 156 which prohibits the entry of imported used vehicles.
Both Passenger Cars and Commercial Vehicles saw strong sustained growth with 34% and 36.9% increase in sales respectively. CVs continue to dominate overall vehicle sales nationwide with a 65% share of sales while PCs covered 35%.
For the month of September, PC sales increased by 3.6% while CVs declined negligibly by 0.7% due to delayed arrival of units.
AUVs continue to grow with a strong 29.6% increase in sales year to date. LCVs which comprise of pick up trucks, vans, compact wagons, full size SUVs continue to be the strongest segment with a strong double-digit 43.4% owing to the popularity of dual purpose utility / function of these vehicles.
Sales of Light Trucks this year compared to same period last year increased by 3% due to availability of units. Month on month sales increased by 2.4% due to sales promotion, deliveries and fleet account.
Sales of trucks and buses increased by 14.9% in September compared to August 2010 due to high demand for current models and fleet deliveries. YTD sales declined by 10.1% due to delayed deliveries of units and limited stocks.