Sales of imported vehicles surge 77% in nine months

MANILA, Philippines - Sales of imported vehicles surged more than half in the nine months to September this year on account of strong demand for both passenger cars and light commercial vehicles.

The Association of Vehicle Importers and Distributors (AVID) said yesterday their nine-month sales zoomed 77 percent to 68,746 units from 38,882 units in the same period last year.

Sales in third quarter alone jumped 27 percent to 23,283 units from 18,291 units in July to September 2015.

“As the year 2016 nears its closing, outlook on AVID performance remains upbeat, expected to grow above market expectations due to strong demand and robust macroeconomic fundamentals. And as sales increase, AVID is all the more resolute to reimagine its products and services to provide the constantly-changing Filipino market an ultimate driving experience,” AVID president Ma. Fe Perez-Agudo said.

For the January to September period, sales in the passenger car segment reached 26,429 units, up 69 percent from the 15,652 units sold a year ago.

The segment also maintained its double-digit growth of 40 percent in the third quarter, with Hyundai Asia Resources Inc. posting the highest sales growth at 53 percent.

The light commercial vehicle segment, meanwhile, grew at a faster pace of 82 percent during the nine-month period of 2016, selling a total 42,317 units.

Ford was AVID’s best selling brand for the light commercial vehicle segment, with sales soaring 172 percent year-on-year.

“With the strong macroeconomic fundamentals in place, auto industry’s prospects remained promising from a medium to long-term perspective. This is in light of higher per capita income, strong market demand, new product launches, and attractive financing packages that help spur growth in the automotive industry,” AVID said.