spot_img
28 C
Philippines
Friday, March 29, 2024

Car importers register 12% sales growth

- Advertisement -

The Association of Vehicle Importers and Distributors Inc. reported a 12-percent increase in sales to 7,259 units in April from 6,476 units in the same month last year.

It said April emerged as the best month for the industry, bringing total sales in the first four months to positive territory. Sales in January to April reached 29,458 units, up 0.2 percent from 29,411 units delivered a year ago.

“We are pleased to finally see growth in the first four months, coming from a lackluster first quarter. The strong April performance signifies that demand for automotive vehicles is slowly increasing, eventually leading to what we forecast as a strong industry recovery,” said Avid president Ma. Fe Perez-Agudo.

Data showed that while sales of passenger cars declined by 8 percent in the four-month period to 10,528 units from 11,451 units a year ago, the segment grew by 12 percent to 2,614 units in April from 2,342 units in the same month last year.

Hyundai was the main volume driver of the segment, accounting for 66 percent of Avid’s total passenger car sales, followed by Suzuki’s 24 percent. 

- Advertisement -

The light commercial vehicle posted a 5-percent growth in the first four months to 18,483 from 17,520 units in the same period last year, on the back of a 13-percent rise in April to 4,534 units from 4,029 units a year earlier.

The segment accounted for roughly two-thirds of Avid’ss total vehicle sales, led by Ford with 40 percent, Hyundai with 29 percent and Suzuki with 22 percent. 

Commercial vehicle sales grew by 6 percent year-on-year to 111 units in April and 2 percent in the four-month period to 447 units. Hyundai accounted for 74 percent of Avid’s 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,” Agudo said.

- Advertisement -

LATEST NEWS

Popular Articles