AVID sales drop 17% in 2018
Credit to Author: TYRONE JASPER C. PIAD| Date: Fri, 25 Jan 2019 16:16:33 +0000
The Association of Vehicle Importers and Distributors (AVID) reported its sales for 2018 dropped by 17 percent to 88,700 units from 106,285 units the previous year due to high inflation, rising borrowing costs, oil price hikes and tax increase.
“Full year 2018 AVID sales recorded 88,700 units sold amidst unfavorable economic condition,” AVID President Ma. Fe Perez-Agudo said in a statement on Friday.
The passenger car (PC) segment, which comprised 35 percent of the total sales, recorded a 22-percent decline in sales from 39,721 units in 2017 to 30,960 units last year.
Hyundai led the PC segment, selling 19,905 units in 2018.
AVID said sales of the local commercial vehicles segment likewise went down by 14 percent to 57,027 units from 66,564 units. Ford topped in this category, selling 22,946 units.
Meanwhile, AVID’s commercial vehicle segment, as represented by JAC Automobile International Philippines, sold 713 units last year.
For 2019, AVID said it expects better economic condition to help boost industry sales, given that inflation is seen easing to 2.0-4.0 percent.
“As the economic backdrop for robust vehicle sales becomes intact, AVID is bullish on its outlook as the industry is projected to grow by 10 percent in 2019,” it added.
The automobile industry sales fell by 16 percent last year due to tax increases and higher-than-expected inflation, the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association said earlier.
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