New vehicle sales in the Philippines grow 1.2% y/y in May
New vehicle sales in the Philippines stood at 30,988 units during May, up 1.2% year on year (y/y), reports the Philippine Star, citing data released by the Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) and the Truck Manufacturers' Association (TMA) . Of this total, sales of passenger vehicles fell by 3.7% y/y to 9,053 units, while commercial vehicle (CV) sales rose 3.4% y/y to 21,945 units. In the year to date (YTD), total vehicle sales in the country remained flat at 142,185 units, compared with 142,240 units in the same period last year. This is split between passenger vehicle sales of 42,886 units (down 11.1% y/y) and CV sales of 99,299 units (up 5.6% y/y). "At the start of the year, we saw a big gap in sales versus last year," said CAMPI president Rommel Gutierrez. "As we move forward, we can see positive signs of recovery. Our May year-to-date sales are already at par with last year's figures. With stable economic trends, we are optimistic [that we will] end the year with market growth."
Significance: The Philippine new vehicle market is showing signs of recovery on the back of new model launches and expansion in dealership networks. The market has remained in positive territory for the past four months and the YTD sales data also reached the same level as last year. The growth in May was mainly due to a low base of comparison and strong demand for CVs in the country . However, demand for passenger vehicle continued to remain on the negative side. As reported earlier, the industry hopes to recover with a 10.0% y/y increase in sales during 2019. IHS Markit expects light-vehicle sales in the country, including passenger vehicles and light commercial vehicles, to grow by 8.9% y/y to 422,827 units in 2019, mainly thanks to new model launches and a low base of comparison.
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