The Association of Vehicle Importers and Distributors (Avid) posted a 25-percent drop in the number of imported vehicles sold in the local market in January to 6,493 units from 8,696 units a year ago.
Passenger car sales fell by 29 percent during the month to 2,254 units. Hyundai cars continued to lead this segment as it registered sales of 1,443 units.
The light commercial vehicles segment posted a 23-percent decline in sales to 4,154 units in January this year from 5,407 units a year ago. With 1,749 units sold, Ford remained the market leader in this segment.
In the commercial vehicle segment, Avid sold 85 units in 2019 versus 105 units in January last year. Hyundai emerged in the forefront of the segment with 64 units sold. JAC Automobile Int’l Philippines Inc. followed with 21 units sold.
Despite the paltry performance in January, Avid expects the industry to pick up as it tries to invigorate the market with new and innovative products in the pipeline for 2019, said Avid president Ma. Fe Perez-Agudo.
Avid said vehicle sales declined as the local market turned more conservative in spending following a period of elevated inflation and higher interest rates.
Avid expects the industry to rally and achieve modest growth this year as inflation eases.