Companies belonging to the Association of Vehicle Importers and Distributors (Avid) recorded another strong sales performance in October, posting a combined 20-percent growth to 3,101 units.
This brought Avid’s 10-month tally to 30,114 units, up 19 percent. Sales figures for Mini were not reflected in the October report of Avid.
“Sustained by its attractive monthly offerings, Avid maintained its strong sales pace, giving more encouragement for the group to deliver products that go beyond the bounds of satisfaction,” Avid President Ma. Fe Perez-Agudo said.
The passenger car (PC) and light commercial vehicle (LCV) segments contributed to the overall sales of Avid.
The PC segment expanded by 29 percent, with a total of 1,655 units sold in October. Year-to-date, the PC sales experienced a solid 20-perent growth to 15,705 units versus the 13,044 units sold in the same period last year. Growth in PC segment was headed by Hyundai, Subaru and Chevrolet.
The LCV category sales hit 1,446 units in October, growing by 10 percent against 1,310 units that were sold in the previous year. The segment also posted an impressive year-to-date sales tally of 14,409 units, up by 17 percent. Chevrolet remained as the main driver for the segment, with sales up by 101 percent.
“The economy’s key indicators remain supportive of industry growth as inflation rate slowed down, and it’s still within the government’s target of 3 percent to 5 percent. Meanwhile, the Bangko Sentral ng Pilipinas (BSP) will likely maintain interest rate because of the lessening of inflationary pressure which gives more leg room for BSP to let demand-side factors to kick-in further,” Perez-Agudo said.
“Because of the price stability, optimism in the economy remains intact. Avid is confident that the industry will achieve a double-digit growth for the year on the back of competitive promotions of auto players, as well,” she added.