The Association of Vehicle Importers and Distributors (Avid) still sees continued growth in vehicle sales this year, despite the modest sales hike posted as of May this year.
In a statement, Avid noted that from January to May, sales barely grew to 12,898 units from the 12,888 units sold in the same period last year.
The robust performance of the light commercial vehicle segment was dampened by the decline in the sales of passenger cars.
But in May alone, members of Avid registered a 16-percent hike in sales to 2,615 units from only 2,255 units in the same month last year.
“Current economic indicators signal a solid degree of optimism for the auto industry for the rest of the year. Benefiting from this current growth momentum, Avid commits to stay ahead in bringing world-class design, cutting-edge technology, and premium service to the Filipino consumers,” said Avid president Ma. Fe Perez-Agudo.
Avid also expects higher sales in June due to available credit at very competitive rates and heightened promotional activities of member-brands.
According to Avid, Subaru and Chevrolet registered the sharpest rise in the group with both brands registering remarkable growth in their LCV sales.
Avid member Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the Philippines, meanwhile recorded a slight 2-percent decline in its May sales to 1,708 units due mainly to “supply setbacks.”
“Against the supply setbacks owing to the deliberate global strategy on quality over quantity, Hyundai in the Philippines remains strongly committed to providing our very best in delighting Filipinos through our modern premium products and services,” noted Agudo, who is also president and CEO of Hari.
Sales of Hyundai’s passenger cars declined by 5 percent in May compared to the same period last year, with the Elantra bearing the brunt of the supply setbacks being experienced worldwide.
Offsetting this, however, was the stellar performance of the Accent sub-compact, which increased its year-on-year (yoy) volume sales by 14.9 percent. Amy R. Remo