AVID Year-Over-Year Sales Slip by 18%
Dampened by the high inflation, interest rate hike, and surge in oil prices, the Association of Vehicle Importers and Distributors (AVID) sales witnessed a slowdown, recording 65,917 units sold, a 13 percent year-to-date decline from last year’s 75,949 units sold. In Q3 2018, the association slipped by 18 percent with 22,774 units sold against Q3 2017’s 27,605 units sold.
Demand for Passenger Cars (PC) continues to dip in favor of SUVs with 23,531 units sold in the first nine months of the year, down by 20 percent. With 7,350 units sold, the PC segment dropped by 30 percent in Q3 2018. In terms of volume, Hyundai continues to spearhead the segment as it managed to sell 15,359 units from January to September this year.
Accounting for 63 percent of the total AVID sales, the Local Commercial Vehicles (LCV) segment reported a 10-percent year-to-date drop, bringing the year-to-date sales tally to 41,808 units versus the previous year’s 46,683 units. A total of 15,279 units were sold during Q3 2018, 11 percent lower than the 17,108 units sold in Q3 2017. Ford recorded 17,600 units sold for the first nine months of the year, making it the top selling brand in this segment.
Represented by JAC Automobile Int’l Philippines Inc., AVID’s Commercial Vehicle (CV) segment sold 578 units from January to September 2018.
“AVID sales hit 65,917 units sold in the first nine months of the year as consumer vehicle demand is tempered by the rising commodity prices and interest hikes,” said Hyundai Asia Resources CEO and AVID President Maria Fe Perez-Agudo. “Amidst the headwinds, AVID retained its rosy outlook that its wave of new product launches and customer-focused service offerings will augur well for the automotive industry.”