English
Philippines: Vehicle imports skid last year
MANILA, Philippines — While car importers ended 2018 with a 17 percent drop in sales, the group is upbeat on seeing a recovery this year.
In a statement yesterday, the Association of Vehicle Importers and Distributors Inc. (AVID) said their combined sales reached 88,700 units last year, down from 106,285 units in 2017.
Total sales declined as the passenger car (PC) and light commercial vehicle (LCV) segment slowed.
In particular, AVID’s PC sales declined 22 percent to 30,960 units last year from 39,721 units in 2017.
LCV sales also dipped 14 percent to 57,027 units from 66,564 units in 2017.
AVID attributed the lower vehicle sales last year to the high inflation rate, rising borrowing costs, soaring oil prices, as well as the tax hike on automobiles.
While AVID’s total vehicle sales declined last year, the group is optimistic of having a better sales turnout this year.
AVID’s outlook on vehicle sales this year is anchored on member firms’ plans to roll out new models and favorable economic conditions.
“With new product launches and economic pressures seen abating moving forward, AVID expects that the industry will recover from the sales slump in 2019,” AVID president Ma. Fe Perez-Agudo said.
AVID expects the automotive industry to grow by 10 percent this year.
Earlier, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) which groups vehicle assemblers, said it also anticipates a sales recovery this year, with the industry projected to post a 10 percent growth.
Source: https://www.philstar.com/business/2019/01/24/1887565/vehicle-imports-skid-last-year#vEecb97OZk7klYy4.99