MANILA, Philippines – Auto sales went up by a strong 35.5 percent to 38,709 units during the first three months of this year from a year ago level, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) reported yesterday.
“The strong first quarter result augurs well for the whole auto industry. We will have to revise our original forecast upwards given the first quarter trend. We are looking forward to continued strong sales in the coming months compared to the same period last year,” CAMPI president Elizabeth H. Lee said yesterday.
The industry expects sales to hit 137,000 units for this year.
Passenger cars grew by 26.5 percent to 13,009 units during the first three months of this year from a year ago level.
Commercial vehicle sales grew by a whopping 40.6 percent to 25,700 units during the first quarter of the year.
CVs continue to dominate the market with a higher 66.4-percent market share backed by strong sales of AUVs and LCVs.
LCVs which are comprised of pick up trucks, vans, and compact wagons, remain the strongest segment with a whopping 48.9- percent increase in overall sales thus far, selling a total of 16,809 vehicles under this category.
AUVs registered a 32.5- percent increase in sales to 8,385 units for the first three months with March sales adding an additional 19.1 percent against Feb sales.
“Stronger consumer confidence is partly reflected on strong vehicle sales – vehicles, being an asset and an integral part of the country’s growing group of entrepreneurs’ businesses,” Lee said.
“Further, continued robust sales of dual purpose vehicles such as AUVs, LCVs (pick up trucks, vans, compact wagons) reflect the majority of Filipino buyers’ penchant for value-for-money purchases,” she added.
“A slew of new model introductions added to the increase in sales coupled with continued aggressive financing programs offered, giving buyers plenty of choices with easy to own packages that make owning a vehicle more accessible and available to a larger group of consumers,” Lee said. –(The Philippine Star)