Vehicle sales still brisk as Jan.-July growth hits 37.2%

VEHICLE SALES have remained brisk with the industry maintaining the first semester’s growth pace last month, data released during the weekend showed.

Twenty firms sold a total of 98,119 units from January to July, up 37.2% from the same period last year, the Chamber of Automotive Manufacturers of the Philippines (CAMPI) said in a statement.

The growth was slightly up from the first semester’s 37.1% and was the second highest so far this year after a 37.4% January to April rise.

The July tally should mean the industry’s performance will be sustained in the latter half of 2010, the CAMPI said.

Passenger car sales grew by 34.7% to 34.029 units while the commercial vehicle segment — which makes up the bulk of the industry’s sales — rose by 38.6% to 64,090 units.

“The continued robust vehicle sales reflects stronger consumer and business confidence which in turn results in enterprise growth that benefits vehicle sales,” the CAMPI said.

President Benigno C. Aquino’s recent statement in his State of the Nation Address against smuggling and corruption should further boost sales of legitimate automobile firms alongside the launch of new models which should stoke demand, it said further.

The group, however, continued to hold off changing its 11% growth forecast for the year, which it earlier said was slated for an upward revision.

Top seller Toyota Motor Philippines Corp. has already adjusted its 2010 sales target to a 23.4% growth instead of just topping last year’s figure by 8%.

Toyota so far has grown sales by 29.3% to 31,745 units as of July. It cornered 32.4% of the market.

The sales growth of second and third placers Mitsubishi Motors Philippines Corp. and Hyundai Asia Resources, Inc. were even higher than Toyota’s.

Mitsubishi enjoyed a 42.8% sales growth with 18,504 units sold as of July. Hyundai roughly doubled its seven-month sales to 11,836 units. — Jessica Anne D. Hermosa, Businessworld