Vehicle sales surged by 37% in first half

VEHICLE SALES IN THE FIRST HALF SURGED BY 37.1 percent to 82,147 units, from 59,909 units in the same period last year, reflecting increased consumer confidence and a better economic outlook for the rest of the year.

According to data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association, sales in June alone were 8.5 percent higher at 15,189 units. It was by far the highest sales registered for a single month.

Considering the industry’s strong performance in the first semester, Campi president Elizabeth Lee said the group would consider revising anew its full-year sales target, which was set at 147,000 units—an 11-percent growth from the previous year.

Campi’s original growth projection for the year was only 4 percent, but this was revised and almost tripled, following strong sales in the first four months.

“Based on the performance of the past two quarters, the pace has been set for yet higher sales volume opportunities for the coming months. There may be an opportunity as well to review and re-adjust the forecast for the year,” Lee said.

As in previous months, commercial vehicles accounted for bulk of the sales in the first six months, posting a 39.8-percent growth to 53,925 units from 38,567 units last year.

The light commercial vehicle sub-segment—composed mainly of vans, pickups, and compact and full-size sport utility vehicles—posted the strongest growth in the first half at 50.1 percent to 35,033 units, from the 23,336 units sold in the same period last year.

Sales of Asian utility vehicles were likewise strong, reaching 17,750 units—a 27.8-percent improvement from the previous year’s 13,884 units.

Passenger car sales also expanded to 28,222 units in the first six months, up 32.2 percent from the 21,342 units sold in the same period a year ago.

“Previously, due to the sharp double-digit growth, supply for some models had to catch up with the increased demand. Supply of stocks has started to normalize, serving the growing demand that continues to be robust. The industry sees continued strong growth in the coming months,” Lee said.

Toyota Motor Philippines Corp. continued to be the industry’s No. 1 player, selling 26,493 units for a 32.3-percent share of the market.

Holding the No. 2 spot was Mitsubishi Motors Philippines Corp., which further expanded its market share to 19.1 percent by selling 15,653 units in the January-June period.

Hyundai Asia Resources Inc. held the third slot with first semester sales hitting 9,834 units for a market share of 12 percent. –Abigail L. Ho, Philippine Daily Inquirer