Monday, 10 January 2011

Auto industry breaks record sales

Sales up 27.2% in 2010
Manila Bulletin

MANILA, Philippines – The local auto industry capped the year 2010 with a strong double-digit growth at 27.2% versus the previous year selling 168,490 units, surpassing the industry’s highest ever sales benchmark of 162,000 units in 1996 on back of strong business confidence and recovery of the domestic economy.

“It is about time the industry surpassed that benchmark. 2010 was an auspicious year for the auto industry, showing strong growth backed by major accomplishments that will help the industry as a whole move forward,” said Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).

Based on the CAMPI report, out of the overall 168,490 unit sales in 2010 the passenger car segment sold a total of 58,691 units or 27 percent higher than the 46,228 units sold in 2009.

The commercial vehicle contributed the bulk of the 2010 sales with 109,799 units or 27.4 percent higher than the 86,216 units sold in 2010.

Of the commercial vehicle segment, the light commercial vehicle category, which are mostly sports utility vehicles, accounted the biggest sales of 69,754 units or 32.3 percent higher than the 52,708 units in 2009. The Asian utility vehicle category grew 21.9 percent to 36,903 units as against 30,262 units in 2009.

Sales of light trucks, however, ended lower with 2,005 units sold versus 2,027 total sales in 2009 while trucks and buses and buses sales also declined by 6.7 percent to 1,137 units from 1,219 units in 2009.

The 2010 sales, however, failed to meet the latest revised target of CAMPI of between 170,000 units to 175,000 unit sales this year.

Of the 20 auto players operating in the country, Toyota Motor Philippines Corp. continued to dominate with sales of 56,855 units or 23.1 percent higher than its 2009 sales of 46,193 units. Toyota also expanded its market share to 34.9 percent this year from 33.7 percent in 2009.

Mitsubishi Motors Philippines Corp. finished second with 32,422 units followed by Hyundai Asia Resources Inc. with 18,696 units, Honda Cars Philippines Inc. with 16,604 units and Isuzu Philippines Corp. with 10,695 units.

“2011 is likewise seen to be a positive year as overall economic environment continues to be relatively favorable with sustained business and consumer confidence, GDP growth, stable FOREX, positive forecast for OFW remittances, manageable inflation rate forecast, continued healthy financing environment, as well as new model introductions by auto players this year,” Lee said.

The initial growth forecast for 2011 sales is about 4-5% as the industry expects sales this year to more or less follow the regular seasonality typical of auto sales. (BCM)

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