Amid threat of proposed excise tax in the local automotive market, the Philippine car importer group Association of Vehicle Importers and Distributors (AVID) posted a strong end of first quarter sales, with 10-percent increase or 23,312 units sold, compared to the previous 21,160 unit sold in 2016.
Among the key drivers are the Passenger Car (PC) segment with total of 21-percent increase (9,242 units sold); while the Light Commercial Vehicle (LCV) segment registered a 4-percent increase or total of 14,070 units sold. In the Passenger Car (PC) category, Hyundai top the chart selling 5,986 units, followed by Suzuki Philippines Inc and the Covenant Car Company, Inc with 1,985 units sold and 542 units sold, respectively.
AVID President Ma. Fe Perez-Agudo, said, “Riding on sustained demand in the automotive market, AVID’s sales growth story continues its upward trend as it picked up by 10-percent for the three-month period in 2017. This encouraging response further drives AVID to deliver top-notch products and services to our beloved customers.”
According to AVID, “The Philippine economy is seen to be steady as it is projected to grow by 6.4-percent based on the Asian Development Bank’s (ADB) forecast. Philippine economy projections for this year compare favorably against ASEAN counterparts. Infrastructure spending is seen to further accelerate with the pipeline of projects that are set to roll out this year.”
With the Creta, Genesis G90, and the official launch of the Hyundai Assembly Center in Calamba Laguna, we expect Hyundai again to dominate this year on the Passenger Car as well as the Commercial Vehicle.