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Monday, March 4, 2024

Vehicle sales rose 33% in eight months despite August decline and NCR lockdown

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The Association of Vehicle Importers and Distributors Inc. said Friday sales by member companies increased 33 percent in the first eight months, despite an 18-percent decline in August following the re-imposition of the enhanced community quarantine in Metro Manila.

“The entire industry hit a pot hole in August due to the necessary health restrictions. Despite this, we at AVID choose to be optimistic as we approach the final stretch of the year,” AVID president Ma. Fe Perez-Agudo said in a statement.

AVID registered total sales of 39,011 units in the eight-month period, up from 29,363 units sold in the same period last year.

Sales fell 18 percent to 3,919 units in August from 4,753 units in the same month last year. August sales also saw a 19-percent reduction from the recorded 4,862 units in July.

“This slowdown was mainly caused by the sporadic lockdown due to new highs in recorded COVID-19 cases. Despite the slight contraction, the Philippine automotive industry remains on track toward recovery,” the group said.

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AVID said the light commercial vehicle category was the most purchased segment, maintaining a 72-percent market share of total industry sales.

LCV sales improved by 44 percent in the first eight months to 27,956 units from 19,412 units sold in the same period of 2020.

Ford continued to lead the segment with an eight-month high of 11,639 units, with Suzuki at second place with 7,874 units and Hyundai at third with 3,420 units sold.

Commercial vehicles posted the highest segment sales growth at 362 percent in the first eight months. Hyundai trucks and buses accounted for the bulk of sales with an impressive 99.7-percent growth.

Hyunda works with the government’s Public Utility Vehicles Modernization Program with its steady introduction of next-gen modern jeepney models.

The Korean brand sold 888 units this year, a significant improvement from 193 units sold in the same period last year.

Meanwhile, the passenger cars segment saw sales grow 4 percent to 10,164 units from 9,758 units sold in 2020.

AVID said the PC segment was the most affected by the lockdown, translating into a year-on-year drop of 43 percent and month-on-month decline of 18 percent.

Suzuki steadily led the segment with 5,080 units sold, followed by Hyundai with 3,300 units sold.

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