With the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, it’s expected that the automotive industry would be affected by this sudden change. Because of this, the Association of Vehicle Importers and Distributors, Inc. (AVID) has struggled with a slight slowdown in sales in the first quarter of 2018.
Sliding off by 2%, AVID sales decreased from 23,317 units in Q1 last 2017 to 22,758 vehicles in the same period this year. This Q1 performance mirrors the short-term effects of the TRAIN Law on consumer demand and purchase behavior.
Going into details, the Passenger Car (PC) segment experienced a minor slowdown from 9,247 units sold last year to 9,189 sold in Q1 of 2018. Meanwhile, Hyundai PH continues to move forward with 4% growth, contributing to 68% of total PC sales.
At the same time, Light Commercial Vehicles (LCV) sales, also deflated to 13,569 vehicles sold, which is 4% less than last year’s 14,070 unit sales. Ford PH managed to spearhead the segment, as it recorded the highest sales of 6,273 units in Q1 2018.
“AVID capped off the first quarter with 22,758 units sold. Despite given market challenges, we remain resolute that the stabilizing market condition and the influx of new products and services will serve as ample boost as we wind-up for a stronger 2018.”
Quite a sad exhibit but hey, at least now we know.
This is a good a time as any to get your hands on a Honda.
Details are still vague at this point, but we’re already excited.