Auto sales surpass goal, up 6.4% in ’09
Vehicle sales exceeded expectations in 2009 with overall growth of 6.4 percent surpassing its forecast of a high of only 4 percent at the beginning of the year.
A report of the Chamber of Automotive Manufacturers Association of the Philippines Inc. showed sales rose to 132,244 units from 124,499 units sold in 2008, after chalking up the highest monthly sales in a decade in December.
December sales surpassed expectations at 13,596 units, a 7-percent jump from the already strong November sales. Average monthly sales in 2009 was 11,073 units.
"Although December sales were expected to be seasonally higher, the stronger spike in December sales was a welcome result. This augurs well for 2010," said Elizabeth Lee, CAMPI president.
The industry’s original forecast at the start of 2009 was a high of 4 percent growth and flat as a worst case scenario.
"Stronger growth was due to higher replacement rate coupled with stronger than expected growth in OFW (overseas Filipino workers) remittances and aggressive financing packages--which fueled consumption resulting to higher vehicle sales," Lee said.
Based on the report, the second half of the year more than made up for the slow sales in the first half of the year.
Sales of passenger cars grew 4.1 percent selling 46,228 vehicles while those of commercial vehicles grew by 7.7 percent.
The latter sold a total of 86,216 vehicles cornering over 65 of total vehicles sold nationwide.
Lee said the increase in overall sales for the CV segment reflects the Filipino buyer’s preference for dual purpose vehicles.
The light commercial vehicle segment posted a double-digit growth of 15.8 percent in sales at 52,700 units nationwide.
LCVs comprise of the popular Asian utility vehicles, pick-up trucks, vans, and compact wagons. Stronger growth in this segment is seen for 2010 as an important segment that will carry the CV category.
Lee said 2009 year-to-date sales of the PC segment still proved to be consistently stable due to the arrival of stocks, with preference for smaller engine cars cornering most of the sales.