The automotive industry is on a recovery run as reported by the Association of Vehicle Importers and Distributors, Inc. (AVID). A reported 7,952 units sold for March 2019 marks an 8% increase in total units sold in March 2018 with 7,380 units. The first two months of the year 2019 saw a decline of 8%. For the first quarter of this year, a total of 22,497 units were sold. 2018 figures are 3% higher than this year as AVID reports a total of 23,038 units in the same period.
AVID’s first quarter 2019 performance indicates that the automotive industry has turned the corner and is now experiencing modest recovery. We expect a further upturn in the next three quarters on the back of improved consumer sentiment, the introduction of exciting and innovative vehicles, and the government’s aggressive infrastructure program. AVID aims to be at the forefront of this growth in vehicle sales,
LCVs in March 2019 registered a 21% year-on-year increase with sales increase totaling 4,998 units. This segment is the primary growth and volume component of the increase in total sales for the first three months of the year. The segment grew by 4% in the first three months of the year, which brings the total sales to 14,168 units with Ford leading the segment with 5,456 units in the first quarter.
The Passenger Cars (PC) segment experienced a decline of 9%. 2,831 units were sold in March this year and fell to 13% to 7,993 units in this year’s first quarter. Hyundai still leads this segment with 5,404 units sold during this period.
In the Commercial Vehicles (CV) sector, sales fell by 2% to 123 units sold in March. For the first quarter the segment only experienced a 1% dip in sales resulting in only 336 units sold during the first quarter of the year. Hyundai posted strong gains also, and reported a total of 239 units sold during this period.
The sales report also posts an optimistic view of the months to come. Easing inflation, lower unemployment rates, and near-term boost from the election spending will fuel a wave of new cars for private owners for the rest of 2019. More and more models are expected to be pushed out in the coming months and it will be another year to look forward to for the automotive industry.
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