July-Aug. car sales drop; up 34% year-on-year

The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) reported Wednesday that vehicle sales dropped to 14,335 in August from 15,972 in July. CAMPI attributed this drop to the delay in delivery of units, unavailability of stocks, and expected seasonality for the month of August. However, the number of vehicles sold in August is almost 37 percent higher compared to the same month last year. This allowed the industry to post a 37-percent growth in the first eight months of the year to 112,454 units. “Overall, vehicle sales for this year continue to largely outpace last year’s sales results, drawing a stark difference in the rise in consumer and business confidence reflected in vehicle purchases," CAMPI president Elizabeth H. Lee said in a statement Wednesday. “Rising confidence is further supported by the global recovery from the recent recession. Continued robust sales are seen in the coming months with [CAMPI] having to revise yet again target forecast for the year," Lee added. The factors that will drive the robust auto sales are strong growth forecast for overseas Filipino workers’ remittances, aggressive financing packages and healthy financing environment, continuous improvement in credit access for businesses, and general consumer and business confidence, Lee said. She said the industry is hoping for a stronger domestic auto industry, where the country’s underutilized assembly plants can be used to serve both the growing domestic market as well as serve the needs of the region via exports. Market leader Toyota has total sales of 36,594 units. Mitsubishi has the second highest sales at 21,212 units. Hyundai followed suit with 13,757 units sold. It is followed by Honda with 11,776 units sold, Isuzu with 6,907 units, Ford + Mazda with 6,311 units, and Universal Motors with 4,278. Also on the list was Columbian Autocar with 3,955 units, Suzuki with 2,483 units, Nissan Motor Philippines with 1,715 units, Covenant Car Co. with 1,222 units, CATS Motors with 599 units, Asian Carmakers Corp. or BMW with 435 units, and Pilipinas Hino Inc. with 401 units. PGA Cars Inc. landed next with 315 units, Scandinavian Motors or Volvo with 192 units, Focus Ventures with 161 units, DreamCo with 96 units, and MAN Automotive with 43 units. —JE, GMANews.TV