Vehicle importers and distributors in the country reported a 21.6-percent growth in sales to 3,191 units in the first month of 2014, given the strong performance of both the passenger and light commercial vehicle segments.
Data from the Association of Vehicle Importers and Distributors, Inc. (Avid) showed that its members’ passenger car sales grew by 21.6 percent to 1,679 units in January from 1,381 units a year ago.
Sales reported by the light commercial vehicle (LCV) segment also went up by 21.5 percent last month to 1,512 units.
On passenger cars, strong sales growth were reported specifically by CATS Motors and Hyundai Asia Resources Inc. (Hari). Chevrolet, distributed by The Covenant Car Co. Inc., also made a substantial contribution to the segment’s healthy sales performance in January.
The LCV numbers were boosted by the combined performance of all brands.
“With a host of exciting new models slated to enter the market this year, coupled with January’s performance providing a positive jumpstart to 2014, we at Avid are elated with our prospects for the Year of the Wooden Horse,” noted Avid president Ma. Fe Perez-Agudo.
The group’s bullish sales outlook is anchored on the country’s unparalleled growth last year with Philippine GDP growth hitting 7.2 percent.
“Coupled with accelerated spending and resilient investment activities, the above-target growth proved the country’s ability to withstand external shocks and emerged as a viable investment destination in Asia. The trend of stellar growth will continue on in 2014 on the back of post-Yolanda reconstruction boom, sustained influx of remittances and better trade performance. With bright prospects for growth in 2014, the automotive industry is poised for another ba nner year with an expected double-digit growth in sales,” Avid said.
Hyundai Asia Resources Inc. (Hari) remained Avid’s top seller last month, with sales hitting 2,243 units. Chevrolet distributor The Covenant Car Co. Inc. came in second with sales reaching 630 units, in the same period.