Vehicle importers and distributors in the country posted a 5.7-percent growth in sales to 25,374 units in the first 10 months of the year, driven by the strong performance of the light commercial segment. INQUIRER FILE PHOTO
MANILA, Philippines—Vehicle importers and distributors in the country posted a 5.7-percent growth in sales to 25,374 units in the first 10 months of the year, driven by the strong performance of the light commercial segment.
Data from the Association of Vehicle Importers and Distributors (AVID) showed that total LCV sales surged by 24 percent to 12,330 units as of October.
This offset the slight 7.4-percent decline in total passenger car sales in the same period.
In October alone, vehicle sales rose by 15.5 percent to 2,589 units from the 2,241 units a year ago, given the robust growths in both the PC and LCV segments.
AVID data showed the total LCV sales for October increased by 20 percent to 1,310 units, while total PC sales similarly rose by 11 percent to 1,279 units.
Hyundai Asia Resources Inc. (Hari) remained Avid’s top seller during the period, with sales hitting 17,905 units from January to October.
Chevrolet distributor The Covenant Car Co. Inc. was the group’s second-strongest performer with sales reaching 3,970 units, during the same period.
Other AVID members include Mercedes Benz importer CATS Motors, Motor Image Pilipinas Inc., Mini distributor British United Automobiles, Porsche and Audi distributor PGA Cars Inc. and Volvo importer Scandinavian Motors Corp.
The group, meanwhile, also remained bullish of a continued and rising demand for vehicles for the last two months of the year, despite the potential impact of Typhoon “Yolanda,” which devastated large areas in the Visayas region.
“While our country recovers from the socio-economic impact of Yolanda, we remain confident that the automotive industry will continue to demonstrate its resiliency and adaptability to changes and solidify its long-term sustainability goals,” said Avid president Ma. Fe Perez-Agudo.
This optimism is anchored on the country’s “substantial financial buffers and solid fundamentals,” which may allow the Philippine economy to hit growth targets for the year. With the support of the steady influx of OFW remittances and sustained strength of the BPO sector, the outlook for the fourth quarter remains positive as spending traditionally increases with the holiday season just around the corner, AVID explained.
“With the country’s emerging pattern of acceleration, the automotive industry shares the same optimism as the outlook for the industry is expected to mirror the country’s growth trend. With the Filipino’s discretionary spending on a rise, demand for vehicles is expected to pick-up favoring AVID’s growth expectations,” the group further said.