A group of vehicle importers ended 2021 selling more than 58,900 units, a 14-percent growth from the year before, reflecting a recovery from the slump brought about by the pandemic.
In a statement on Monday, the Association of Vehicle Importers and Distributors, Inc. (Avid) said it sold a total of 58,916 units last year, higher than the 51,851 units it sold in 2020. The group managed to grow its total sales last year despite the 8-percent decline in year-on-year sales on December.
Avid, whose member companies include popular auto brands Hyundai and Ford, suffered a 41-percent sales decline in 2020, as the pandemic hurt demand for new vehicles. In 2019, Avid sold 87,169 units, data showed.
The group did not provide an explanation for last year’s performance. It had not yet returned a request for comment, when asked to contextualize what the 2021 figure means in terms of consumer confidence.
But Nicholas Mapa, senior economist at ING Bank NV, told the Inquirer that the performance of the auto importers showed a recovery in demand, but people are not buying cars like they used to.
“The recovery in car sales reflects the general direction of the Philippine economy that managed to show robust growth, but aided in large part by a favorable base,” Mapa said.
“Growth has returned but remains still below pre-COVID levels, suggesting that the economy has not fully regained its vigor,” he added. INQ