SEA auto sales override economic fall

SEA auto sales override economic fall

SINGAPORE (AFP): New vehicle sales in Southeast Asia's four
biggest markets rose 19 percent in the first two months of the
year despite the regional economic slowdown, an industry monitor
said Tuesday.

However, signs of an impact on consumer confidence were
starting to emerge which may hurt sales in coming months,
Automotive Resources Asia Ltd. said in its latest report.

Total new vehicle sales in Indonesia, Malaysia, the
Philippines and Thailand totaled 144,579 in January and February,
up from 121,384 a year ago.

The Indonesian market was the most aggressive with sales
improving 34 percent to 39,017, Malaysia improved 24 percent to
57,172 while Thailand showed a more modest 13 percent increase to
36,704.

In the Philippines, sales rose slightly in February, but were
down 16 percent for the year at 11,686 units after an uncertain
January during a political crisis which climaxed with a military-
backed civilian uprising that ousted president Joseph Estrada.

"Though total sales in the first two months of this year grew
impressively from last year, the region's economies remain on
shaky grounds," said Automotive Resources associate Chabaphrai
Srinont.

"We see the depreciation of the yen and (Southeast Asian)
currencies taking its toll on consumer confidence and fear this
may negatively impact on sales in the coming months," he said.

"One the other hand, the intense regional market situation,
with automakers competing hard for market share, is working to
stimulate regional new vehicle sales."

Malaysia's national car Proton had the largest market share at
21 percent, followed by Toyota at 16 percent and Izuzu,
Mitsubishi and Perodua with 11 percent.