Further growth seen by year-end
The Association of Vehicle Importers and Distributors (AVID) posted sales of 2,973 units for June, up by 21 percent from 2,447 units sold in the same month last year.
The increase led to first-semester growth of 17 percent year on year, or a total of 17,902 units, driven by the strong market performance of both passenger cars and light commercial vehicles (LCV).
The passenger cars segment sold 1,515 units in June, up 22 percent year on year on sustained market interest in the Mini, CATS Motors and Hyundai. This drove first-semester sales growth to 16 percent year on year to a total of 9,061 units.
The LCV segment reflected the sharp 128 percent increase in the LCV sales of Chevrolet for the month of June. Total LCV sales for the first half stood at 8,841 units, up 18 percent from a year earlier.
“Following its winning streak in the first half of the year, AVID expects to keep its sales track upbeat toward the end of the year as we continue to differentiate our brands toward increased customer satisfaction with our excellent product and service offerings and customer engagement initiatives,” AVID President Ma. Fe Perez-Agudo said.
Despite the possibility of higher interest rates in the second half of the year to temper inflation as “consumer spending continues to be robust,” Agudo predicted that the automotive industry will remain buoyant due to brisk demand.
“With demand still in place, the automotive industry is seen to be buoyant by year-end as prevalent brisk vehicle demand and captivating product offerings solidify to support growth,” Agudo said.