Vehicle sales rose by 21.4% in first 2 months
Vehicle sales grew by 21.4 percent to 32,470 units in the first two months of the year, buoyed by the strong performances in both the passenger and commercial vehicle segments.
Based on a joint report submitted by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA), vehicle sales in February alone rose by 16.5 percent to 16,828 units, compared to the 14,429 units sold a year ago.
“Vehicle sales remain positive. With fewer calendar days for February, the industry is surprised to see sales reaching a level normally achieved during the peak month of December. If this trend will continue, the industry may even revise its forecast earlier than expected,” Campi president Rommel Gutierrez said in a statement Tuesday.
Campi earlier said it expected total car sales to reach 230,000 units this year—up 10 percent from the 210,000 units sold in 2013.
Campi and TMA data also showed that all product categories enjoyed brisk sales, with the biggest growth noted in the passenger car segment. A total of 5,620 units were sold in the first two months of the year—a 21.7-percent rise from the 4,618 units of a year ago.
“Consumers continued to take advantage of the offers attached to new models introduced since the last quarter of 2013,” Campi explained.
Commercial vehicle sales likewise grew by 14.1 percent to 11,208 units from 9,821 units. In this category, the sale of light trucks sales surged by 127 percent to 365 units in February.
Light commercial vehicles, which comprised 64 percent of the entire commercial vehicle segment, continued to attract demand with sales reaching 7,174 units—about 19 percent more than the 6,007 units sold in February last year.
In terms of nationwide vehicle sales, the share of the National Capital Region declined to 58 percent from 63 percent a year ago. Triple digit increases in sales were noted in Region V (Bicol region) and Region II (Cagayan-Isabela-Nueva Viscaya) at 168 percent and 118 percent, respectively. Regions III, IV and VII increased by 34 percent each during the same period.
Toyota Motor Philippines Corp. retained its market leadership with a 43.08-percent share in total vehicle sales, or 13,998 units sold in the first two months of the year. It was followed by Mitsubishi Motors Philippines Corp., with a 24.08-percent share at 7,820 units.
Ford Motor Co. Phils. Inc. ranked third with a 7.25-percent share (2,353 units), followed by Honda Cars Philippines Inc. with 6.34 percent share (2,057 units), and Isuzu Philippines Corp. with a 6 percent market share (1,949 units).
Originally posted: 2:53 pm | Tuesday, March 11th, 2014
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