Vehicle importers post 13% growth in 1st-quarter sales
The country’s vehicle importers and distributors posted a 13-percent growth in sales to 9,055 units in the first three months of the year, boosted by the continued strong performance of the passenger car and commercial vehicle segments.
Sales for March alone reached 3,189 units, according to the Association of Vehicle Importers and Distributors Inc. (Avid).
Documents provided by Avid showed that its members sold 4,558 passenger cars in the first quarter of 2014, up 13 percent from the 4,016 units sold a year ago.
Sales of commercial vehicles similarly grew 13 percent to 4,497 units from 3,974 units a year ago.
“With Avid finishing the first-quarter race on an upswing, we remain committed to set another banner year in 2014, strengthened by the group’s collective pursuit for sustainable growth and thrust for innovation,” Avid president Ma. Fe Perez-Agudo said in a statement issued on Monday.
The group’s bullish sales outlook is anchored on the country’s robust economic performance.
“Other international institutions echoed similar confidence in the Philippine economy, evident by consecutive growth upgrades from the International Monetary Fund, Asian Development Bank and Standard and Poor’s. In 2013, the Philippine economy placed second to China in terms of growth in Asia with its 7.2 percent GDP (growth). The country’s growth momentum is expectable to be sustainable and on track its government target of 6.5 to 7.5 percent this year,” Avid explained.
“The improving economic landscape continues to propel growth in the automotive industry. By yearend, car sales are expected to hit double-digit growth on the back of more aggressive marketing campaigns, brisk consumer demand and improving purchasing power,” the group further said.
Hyundai Asia Resources Inc. (Hari) remained Avid’s top seller in the first quarter, with sales hitting 5,983 units. Chevrolet distributor The Covenant Car Co. Inc. was the second strongest performer with sales reaching 1,994 units. Other Avid members included Motor Image Pilipinas Inc. (which sold 710 Subaru units), Mercedes Benz importer CATS Motors (216 units), Porsche and Audi distributor PGA Cars Inc. (78 units), Mini distributor British United Automobiles (39 units) and Volvo importer Scandinavian Motors Corp. (35 units).
