The Philippine automotive industry saw a huge spark this April according to the Association of Vehicle Importers and Distributors, Inc. (AVID). The group reported a sales growth of 12.1% in April 2019 as compared to the previous year. It sold 7,259 units in the said month – the first best-performing in 2019. This pushes its year-to-date sales from 29,411 units last year to 29,458 in 2019.
“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.”
Despite an 8% decline in the Passenger Cars (PC) segment in the past four months, AVID was able to make it all up in April as it managed to grow by 12% to 2,614 units in April 2019 year-on-year. Hyundai Philippines maintained its position in the segment, as it accounted for 66% of the group's total PC sales.
In contrast to the PC segment, the Light Commercial Vehicle (LCV) category saw an increase of 5% in year-to-date and 13% year-on-year. It makes up two-thirds of the entire AVID sales and is led by Ford Philippines with 40% share. Hyundai Philippines and Suzuki Philippines follow with 29% and 22%, respectively.
The Commercial Vehicle (CV) segment also witnessed a positive performance with 6% year-on-year sales growth equivalent to 111 units. However, January to April 2019 sales grew at a slower pace with a 2% increase, or 447 units, compared to the same period last year. Hyundai dominates this segment, accounting for 74% of AVID's CV sales.
AVID expects to encounter challenges in the succeeding months, such as a shift in buying patterns and higher interest rates. Despite this forecast, the group is confident that its sales will keep getting better.
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