AVID Posts Best Month in 2019, Sales Up 12.1% in April
The Association of Vehicle Importers and Distributors, Inc. (AVID) sold 7,259 units in April 2019, recording its best month so far this year as it grew by 12.1 percent compared to April 2018.
For the first time in 2019, year-to-date sales crossed positive territory, slightly increasing to 29,458 units sold versus 29,411 units from January to April last year.
“We are pleased to finally see growth in the first four months, coming from a lackluster first quarter,” said AVID President Maria Fe Perez-Agudo. “The strong April performance signifies that demand for automotive vehicles is slowly increasing, eventually leading to what we forecast as a strong industry recovery.”
While sales of Passenger Cars (PC) declined by 8 percent in the first four months of 2019 to 10,528 units, it grew by 12 percent to 2,614 units in April 2019 year-on-year. Hyundai remains the main volume driver of the segment, accounting for 66 percent of AVID’s total PC sales, followed by Suzuki’s 24 percent.
Growth of the Light Commercial Vehicle (LCV) segment was sustained, increasing by 5 percent and 13 percent in year-to-date and year-on-year comparable periods, respectively. The segment accounts for roughly two-thirds of AVID’s total vehicle sales, led by Ford (40 percent), Hyundai (29 percent), and Suzuki (22 percent).
April 2019 Commercial Vehicle (CV) sales grew by six percent year-on-year to 111 units. January to April 2019 increased at a slower pace at 2 percent or 447 units sold versus the same period last year. Hyundai accounts for 74 percent of AVID’s year-to-date CV sales.
“Overall, we are optimistic that as macroeconomic fundamentals improve, industry sales will only get better. We are bound to encounter headwinds this year, including shifts in buying patterns and higher interest rates, but we are confident that the industry is geared to tackle such challenges,” Perez-Agudo added.