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Saturday, June 18, 2022

New Car Sales Surge 19.5 Percent In May But Insider Says Growth May Be Artificial


New car sales in the Philippines hit 26,370 units in May 2022—a 19.5 percent growth compared to the 22,062 units in the same month in 2021. This is according to the latest joint industry report released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).

Based on this data, the Philippine auto industry has been growing in double digits for three consecutive months on a year-to-year basis.

For the January to May period, CAMPI-TMA’s total sales climbed 14.6 percent to 126,273 units this year.

Commercial vehicle (CV) sales propped up the numbers surging 34.2 percent to 19,406 units in May compared to 14,463 units in May 2021. This brings its year-to-date total to 94,727 units or 26 percent higher compared to January to May 2021.

Passenger car (PC) sales, however, continue on a downward trend. Last month, it dipped 8.4 percent to 6,964 units. Its year-to-date numbers are now down 9.9 percent to 31,546 units.

The industry is looking to finish 2022 north of 340,000 units. This is compared to 2021’s year-end total of 268,488 units.

However, a CAMPI-TMA insider cautions that the industry’s growth is partially artificial due to the on-going global supply chain issue. Because some car brands report wholesale figures (as opposed to retail sales), there are cases of customers “double booking” cars just to get ahead of the reservation queue.

“We already have instances where a customer would book the same vehicle across multiple dealerships just to try to get an allocation,” says the insider. “There are some instances where he won’t even just put down a reservation down on his first choice, but his second, and third choice as well.”

It’s currently unknown whether this industry practice is widespread enough to significantly alter the picture. Regardless, recovery is clearly underway for the Philippine automotive industry after getting hit by the pandemic and other issues such as the DTI Safeguard Tariffs.

Toyota Motor Philippines remains the market leader as of end-May with a 52 percent market share (55,668 units).

Mitsubishi Motors Philippines Corporation is second with a 12.84 percent share (16,209 units), while Nissan Philippines, Inc. is in third with a 7.58 percent share (9,571 units).

Suzuki Philippines is in fourth place with 6.46 percent (8,162) followed by Ford Philippines with a 5.5 percent share (6,950 units).

Rounding out the Top Ten are: Isuzu Philippines (6,554 units), Honda Cars Philippines (6,059 units), Kia Philippines (1,910 units), Foton Motor Philippines (1,396 units), and Hino Motors Philippines (1,082 units).

9 comments:

  1. Mutsu shod upgrade g4, strada, mirage n montero, napag iiwanan na talaga!

    ReplyDelete
    Replies
    1. As soon as you upgrade your typing skills

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    2. Yeah compare it urself mutsuboy, price, specs, safety features: g4 gls vs honda city, xpander vs avanza, strada vs navara. After dat, tell ur principal dats d reason y dear percentage of market share year on year is shrinking

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    3. "Mutsu" can take care of itself, I'm only calling out your infantile way of typing.

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    4. Mitsubishi is doing just fine. Thats why they are in 2nd place in total sales. Kung napag iiwanan nga sila eh di dapat kulelat ang pwesto nila. Isep isep din pag may time.

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  2. well, we will see if this trend continues. with fuel prices going through the roof and inflation (where goods and products become more expensive). interest rates also would rise so one would pay more not only on the purchase price but also on installments

    ReplyDelete
  3. Matagal na ganyan gawain ng TMP sa pag count ng sales nila. Kaya sales figures ng cars is napaka inflated at malayo sa actual sales. Hindi lang daw sa Pinas ganito, pati na rin sa karatig bansa na Indonesia, Thailand, Malaysia, at Vietnam.

    ReplyDelete

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