Avid reports 8% rise in vehicle sales | Inquirer Business
Close  

Avid reports 8% rise in vehicle sales

Car and truck importers reported an 8-percent increase in sales for March over year-ago levels, with the rising demand for light-commercial vehicles offsetting the drop in passenger cars.

The Association of Vehicle Importers and Distributors (Avid) attributed the sales growth to the country’s improving economic fundamentals that had led to increased investment inflows and higher household incomes.

ADVERTISEMENT

“With the stream of good news being directed the country’s way, the local automotive sector is seen to continue posting strong growth numbers throughout the year,” Avid said in a statement.

Avid said the combined sales of its members rose by 8 percent over March of last year to 3,027 units. Sales of Avid members make up just a small fraction of the auto industry. Earlier this month, The Chamber of Automotive Manufacturers in the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) in a statement said their members sold 41,702 units in the three months ending March. This was up by 29 percent over last year.

FEATURED STORIES

Campi and TMA represent manufacturers that have vehicle assembly operations in the country, while Avid’s members are pure importers.

Avid said light commercial vehicles sales grew by 23 percent to 1,435 in the same period.

In a statement last week, Campi and TMA also reported that the light commercial vehicles segment was the strongest for its members, attributing the growth to government purchases.

In the meantime, Avid said sales of passenger cars fell by 2 percent to 1,592 units in March.

Avid said “stand out” performers for the month were Subaru importer Motor Image Pilipinas, CATS Motors, and Hyundai Asia Resources Inc.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Association of Vehicle Importers and Distributors, automotive industry, Business, vehicle sales
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.