Vehicle sales zoom at record 22% pace

The Philippine automotive industry accelerated to its fourth straight year of record first quarter sales in 2016, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) said.

The joint CAMPI and TMA report released yesterday showed vehicle sales in the first quarter of the year zoomed 22 percent to 76,479 units from 62,882 units during the same period last year.

Strong demand was sustained up to last month, with sales of 27,521 units, up nine percent from February’s 25,150 units.

“This is another remarkable achievement for the automotive industry. It has been a good start for 2016 and we hope that the momentum can be maintained

in the coming months,” CAMPI president Rommel Gutierrez said.

A total 29,796 units of passenger cars were sold during the first three months of the year, a 19 percent increase from the same period last year.

The passenger car segment accounts for 39 percent of the industry’s first quarter sales.

The commercial vehicles category, meanwhile, booked sales of 16,176 units last month, 23 percent higher from the same period last year.

“All segments within commercial vehicles performed with heavy duty trucks and buses posting the biggest growth. The ongoing refleeting program and infrastructure improvement have pushed the sales of this category,” the group said.

Toyota Motor Philippines Corp. maintained market dominance during the January to March period with 39.92 percent a share.

Mitsubishi Motors Philippines Corp. trailed behind with a market share of 19.2 percent, followed by Ford Motor Co. Philippines Inc. with 10.31 percent.

Isuzu Philippines Corp. accounted for 8.61 percent of sales during the three-month period. Honda Cars Philippines Inc. came close with an 8.31 percent market share.

Among these automotive market leaders, only Toyota and Mitsubishi have submitted applications to vie for government incentives under the Comprehensive Automotive Resurgence Strategy program.

Their applications are currently being reviewed by the Board of Investments.