A SIGN of recovery? Sales of local vehicle assemblers went up a little less over 1 percent in May on improved performance from the commercial vehicle (CV) segment coupled with just a single-digit decline from the passenger car (PC) bracket.
In a joint sales report on Monday, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association disclosed they sold 30,998 units in May. This was 1.23 percent higher than the 30,620 units sold during the same month last year.
CV sales improved 3.42 percent to 21,945 units, from 21,219 units, but PC sales declined 3.7 percent to 9,053 units, from 9,401 units.
However, it was the first time in three months that the decline in PC sales tempered to the single-digit level. The bracket recorded double-digit slumps in January, March and April, and posted its only growth so far this year in February.
Moreover, sales of light commercial vehicles ballooned 16.78 percent to 17,629 units in May, from 15,095 units during the same month last year, to become the lone bright spot under the CV segment.
Sales of Asian utility vehicles crashed 30.69 percent to 3,192 units, from 4,606 units. Sales of light trucks also went down 15.92 percent to 639 units, from 760 units.
Further, May sales of category IV trucks and buses slipped to 348 units, from 485 units during the same month last year, while of category V decreased nearly half to 137 units, from 273 units.
Industry sales after the first five months slipped 0.03 percent to a total of 142,185 units, from 142,240 units during the same period last year. Local car makers are eyeing to grow sales by 10 percent this year after suffering a decline of 16 percent last year on record-high inflation, higher automobile taxes and rising fuel prices.
Campi President Rommel R. Gutierrez claimed the May sales indicated the market has recovered from the economic factors that affected vehicle appetite last year.
“At the start of the year, we saw a big gap in sales versus last year. As we move forward, we can see positive signs of recovery. Our May year-to-date sales is already on a par with last year’s figures. With stable economic trends, we are optimistic to end the year with market growth,” Gutierrez said in a statement.
Toyota Motors Philippines Corp. is still the industry’s top dog with a market share of 41.41 percent.
Trailing Toyota are Mitsubishi Motors Philippines Corp. and Nissan Philippines Inc. with market shares of 18.21 percent and 12.08 percent, respectively. Rounding up the five industry leaders are Ford Motor Co. Philippines Inc. and Honda Cars Philippines Inc. with market shares of 6.67 percent and 6.09 percent, accordingly.