Car sales in the first quarter this year broke the 60,000-unit mark, setting a record high 62,882 units, or 22 percent higher than the 51,722 units sold during the same period last year, association reports said on Monday.
The Chamber of Automobile Manufacturers of the Philippines (Campi) and the Truck Manufacturers Association said last month’s sale of 23,557 units contributed to the strong first quarter performance of the automotive industry.
“As projected during the industry planning session conducted for 2015, demand from the BPO market has boosted the sale of the sub-compact segment,” Campi president Rommel Gutierrez said.
“Industry continues to respond with the right product mix and very attractive financing package to meet this demand,” he said.
Passenger car year-to-date sales contributed 25,051 units, representing a 38 percent increase over last year’s first quarter sales of 18,127 units. It now accounts for almost 40 percent of the total industry sales compared to just 29 percent share in 2012.
The commercial vehicles segment, which accounted for 60 percent of total sales, added 37,831 units. This is 13 percent higher than the first three months sale of 33,595 units sold in the same period last year.
Within the commercial vehicle category, trucks and buses posted a 69 percent growth with 706 units sold compared to last year’s year-to-date sales of 419 units.
Luxury category of both segments tallied year-to-date sales of 510 units. All the 3 brands (BMW, Mercedes Benz, Lexus) registered impressive growth from the same quarter last year, with Lexus posting the highest growth rate of 73%.
With this performance, the industry is confident that it will reach its 310,000 sales volume target for the entire year as sales is expected to peak up in the coming months.
Leading the performers for the first quarter of 2015 is Toyota Motors Philippines Corp. with 44.2 percent market share, followed by Mitsubishi Motors Philippines with 18.8 percent. Ford Group Philippines is at third with 8.4 percent share, while Isuzu Philippines Corp. is at fourth with 7.9 percent. Rounding up the fifth spot is Honda Cars Philippines with 6.3 percent.