Philippines: Sales of imported vehicles slide 25%

• Feb 22, 2019

MANILA, Philippines — Vehicle importers sold 25 percent less units in January from a year ago as consumer demand for cars remained weak.

The Association of Vehicle Importers and Distributors Inc. (AVID) said in a statement yesterday it sold 6,493 units, down from 8,696 units sold in the same month last year.

Sales were lower as the passenger car (PC), light commercial vehicle (CV) and CV segments all registered declines in January.

PC sales slid 29 percent year-on-year to 2,254 units in January.

AVID said Hyundai Asia Resources Inc. (HARI) remained the leader in the PC segment within the group as it sold 1,443 units in January.

AVID’s LCV sales also went down 23 percent to 4,154 units in January from the previous year’s 5,407 units.

Ford Motor Co. Philippines Inc. topped the LCV segment with 1,749 units sold.

CV sales decreased 19 percent to 85 units in January from 105 units in the same month a year ago.

HARI had the biggest market share in the CV segment with sales of 64 units.

While AVID’s total sales in January declined year-on-year, the group remains optimistic of seeing improvements this year as the economy remains stable.

The group also sees election-related spending and private consumption as drivers to economic growth this year.

“Despite the paltry performance, AVID expects the industry to pick up as it tries to invigorate the market with new and innovative products in the pipeline for 2019,” AVID president Ma. Fe Perez-Agudo said.

Source: https://www.philstar.com/business/2019/02/22/1895634/sales-imported-vehicles-slide-25#qMttADvtAhmlxEMw.99