Auto sales shrink 65.7% in 1st quarter
First quarter car sales plummeted 24.4 percent largely pulled down by a whopping 63 percent decline in March, the weakest monthly performance in the auto industry, as President Duterte placed the country under a state of public health emergency and subsequent lockdown due to COVID-19.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed the first quarter sales reached only 64,542 units as against 85,388 units in the first quarter of 2019.
Sales of passenger cars sharply declined by 32 percent with sales of 17,786 units only from 26,172 units last year while commercial vehicles also decreased by 21 percent to 46,756 units from 59,216 units.
All categories in the commercial vehicle segment posted sharp declines except the Asian utility vehicle, which held its own to post an impressive 18.8 percent increase in the first quarter this year to 8,780 units from 7,390 units in the same first quarter 2019.
Sales of sports utility vehicles or the light commercial vehicle category went down 25.6 percent to 35,930 units. Sales of light trucks or pick-ups declined 45.8 percent, the deepest cut among all categories.
Trucks and buses (Category 4) also fell 41.7 percent to 712 units while large trucks (category 5) was down 20.9 percent to 238 units sold.
On a monthly basis, all categories posted sharp declines. Sales in March posted the sharpest fall at 63 percent sales reached only 11,029 units from 29,790 units in the previous month, February. The March’s sales figure was also 65.7 percent lower versus 32,173 units in the same month last year.
There were only 3,150 units passenger cars sold in March or 61.08 percent lower compared to February and 65.8 percent versus March 2019. Commercial vehicles also fell 63.7 percent versus February with only 7,879 units sold and 65.7 percent versus March 2019. All other categories posted sharp declines from 50 to 77 percent.
CAMPI President Atty. Rommel Gutierrez said that the doubledigit negative growth recorded in March 2020 is the weakest monthly performance of the auto industry so far.