Sales of motor vehicles posted a record growth of 77 percent in the first nine months from a year ago, on strong demand and robust economic expansion, an industry group said Thursday.
The Association of Vehicle Importers and Distributors said members sold 68,746 vehicles in January to September, up from 38,882 units delivered in the same period last year. The figures are on top of those released by other industry groups such as the Chamber of Automotive Manufacturers of the Philippines and Truck Manufacturers Association.
“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,” said Avid president Ma. Fe Perez-Agudo.
Sales of passenger cars jumped 69 percent to 26,429 units in the nine-month period from 15,652 units sold a year ago.
The light commercial vehicles outpaced passenger car sales with a growth of 82 percent to 42,317 units from 23,230 units.
Among Avid members, Ford recorded the highest growth rate of 172 percent.
Data showed that in the third quarter, passenger car sales climbed 40 percent to 9,792 units, with Hyundai Asia Resources Inc. leading at 53 percent growth.
The light commercial vehicle segment also posted a growth of 20 percent to 13,491 units from 11,274 units.
Agudo said with the strong macroeconomic fundamentals in place, the 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,” she said.