The Association of Vehicle Importers and Distributors (AVID) posted a 20 percent year-on-year increase in vehicle sales for October, with growth recorded in both passenger cars (PC) and light commercial vehicles (LCV), the group said on Friday.
AVID sold 3,101 vehicles during the month, up from the 3,043 posted by the 12 members of the association in September.
The October numbers pushed the 10-month cumulative sales to 30,114 vehicles, representing a 19 percent rise over the same period a year earlier.
The PC segment expanded by 29 percent year-on-year to 1,655 units in October.
In the year to date, PC sales were up 20 percent at 15,705 vehicles from 13,044 units sold a year earlier. Brands leading growth in the PC segment were Hyundai, Subaru and Chevrolet, the group said.
LCV sales reached 1,446 units in October, an increase of 10 percent over the 1,310 units that were sold in the year-earlier period. The segment also posted an impressive year-to-date sales tally of 14,409 units, up 17 percent. Chevrolet continued to be the main driver of the LCV segment.
“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 in a statement.
“The economy’s key indicators remain supportive of industry growth as the inflation rate slowed down, and it’s still within the government’s target of 3-5 percent,” she said.
“Meanwhile, the Bangko Sentral ng Pilipinas [BSP] is likely to maintain interest rates because of the easing of inflationary pressures, which gives more leg room for the BSP to let demand-side factors to kick in further. Because of the price stability, optimism about the economy remains intact. AVID is confident that the industry will achieve double-digit growth for the year on the back of competitive promotions by auto players,” Perez-Agudo added.