AVID: YTD Vehicle Sales Still Down, but the Holiday Season Can Boost Industry Performance
The figures are still down, but the last two months of this year might prove to be that much needed boost to make the fourth quarter sales of 2019 come out on top.
This is according to the Association of Vehicle Importers and Distributors, Inc. (AVID). It reported that the fourth quarter of 2019 started with 7,320 units last October, which was a five percent gain compared to the 7,000 units sold in September.
However, its Year-to-Date (YTD) performance shows that there was a slight 3 percent dip on October 2019 compared to last year in terms of year. Despite the setback, the Association of Vehicle Importers and Distributors, Inc. (AVID) is still positive that the holiday season will help increase the demand vehicles, especially for light and heavy commercial vehicles.
AVID President Ma. Fe Perez-Agudo explained: “Lower inflation, interest rates, and fuel prices coupled with increased consumer spending with the start of the holiday season could boost industry performance. Increased government spending on key infrastructure projects and the jeepney modernization program will further bolster demand, especially for light and heavy commercial vehicles.”
Sales in the Passenger Cars (PC) grew by 2 percent, selling 2,591 units in October compared to September this year. The top seller was Hyundai, which sold 1,457 units, followed by Suzuki’s 690 units. YTD PC sales decreased for this year, selling only 25,133 units compared to last year’s 25,821.
Light Commercial Vehicles (LCV) gained six percent in its October sales, averaging 4,689 units compared to the 4,413 units sold in September 2019. YTD sales was tallied to 45,536, which was a decrease in 4.3 percent compared to last year’s figures. The top rankers in this category is Ford, which sold 16,522 units, followed by Hyundai with 12,331 units, and Suzuki’s 12,267 units.
Meanwhile, commercial vehicle sales had a seven percent drop in October. Still, sales in this category have significantly increased by 87 percent, selling 727 units in the first ten months of 2019 compared to the 389 units sold in 2018.
Now that the year is coming to an end, AVID still remains optimistic about the automotive industry’s future in the Philippines.
“Despite the challenges AVID faced in the past couple of years, the industry is poised to make a strong comeback as we are poised to step into a new decade,” she added.