More cars on the road as importers offer ‘reasonably priced’ models
Vehicle importers posted a 103-percent surge in sales in the first half of the year as brands introduced innovations and cheaper models in the passenger car and light commercial vehicle segments.
The Association of Vehicle Importers and Distributors (Avid) sold a total of 45,420 units during the period “hinging on the entry of new, innovative, and reasonably priced models,” group president Ma. Fe Perez-Agudo said. She added the growth track would continue as member brands offer “value-packed products, attractive incentives, and unparalleled service.”
For the second quarter alone, vehicle sales rose 74 percent to 24,260 units from the 13,296 units sold in the same period last year.
Avid data also showed sales in the passenger car segment grew 93 percent to 9,009 units in the second quarter, most of which were Hyundai models totaling 6,021 units. This growth also boosted total sales of passenger cars in the first half of the year by 87 percent to 16,618 units.
Sales of light commercial vehicles rose by 65 percent to 15,251 units in the second quarter of the year, bringing total first half sales for this segment to 28,802—a 113 percent surge from the 13,495 units sold in the same period last year. This growth was anchored on the 16,054 units sold by Ford, which joined Avid in May 2015.
Avid sees the 6.9 percent economic growth the country achieved in the first quarter would be sustained “as the new administration vowed to continue macroeconomic policies implemented by the Aquino administration.” It said, however, the heightened regional tensions due to the recent arbitration ruling involving the West Philippine Sea would keep markets on their toes.
Still, “auto purchase is seen to be tilted on the upside in light of increased consumer confidence and attractive roster of products,” Avid added.
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