With the automotive industry continuing its recovery, the Association of Vehicle Importers and Distributors, Inc. (AVID) reported 7,952 units sold for March 2019, an 8% increase compared to the 7,380 units sold in March last year. This bucks the trend in the first two months of the year which saw a decline of 8%. For the first quarter of 2019, AVID sold 22,497 units, 3% lower than the 23,038 units reported in the same period last year.
“AVID’s first quarter 2019 performance indicates that the automotive industry has turned the corner and is now experiencing modest recovery. We expect a further upturn in the next three quarters on the back of improved consumer sentiment, the introduction of exciting and innovative vehicles, and the government’s aggressive infrastructure program. AVID aims to be at the forefront of this growth in vehicle sales,” said AVID President Ma. Fe Perez-Agudo.
For March 2019, the Light Commercial Vehicles (LCV) segment registered a 21% year-on-year increase with sales totaling 4,998 units, making it the primary growth and volume driver. The segment rose by 4% in the first three months of the year, bringing the sales tally to 14,168 units. Ford leads the segment with 5,456 units sold in the first quarter.
The Passenger Cars (PC) segment declined 9% to 2,831 units in March, and fell 13% to 7,993 units in the first quarter of the year. Hyundai continues to lead this segment with 5,404 units sold during the period.
In the Commercial Vehicles (CV) sector, sales slipped by 2% to 123 units in March and slightly dipped by 1% to 336 in the first quarter. As the leader in this segment, Hyundai posted strong gains with 239 units sold during the period.
“If positive economic fundamentals, including low inflation and rising living standards, are sustained, we can expect a renewed boost to motorization in the country. And AVID is more than ready to offer customers up-to-the-minute innovation in our products and services,” added Ms. Agudo.
The combined effects of easing inflation, lower unemployment rates, and near-term boost from election-related spending is expected to fuel private consumption for the rest of 2019.