Sales of vehicle importers rose by 30 percent in August year-on-year, fueled by
a growing economy that feeds on a lot of consumer spending.
"The country’s better than expected economic growth thus far this year is yet another positive validation of a bullish outlook not only for the Philippines, but for the local automotive industry as well," Ma. Fe Perez-Agudo, Association of Vehicle Importers and Distributors Inc. (AVID) president said Thursday.
Passenger cars and light commercial vehicles (LCVs) sold well during the period, the association noted.
AVID members sold 2,411 vehicles in August, up 29.7 percent from 1,858 a year earlier, the association noted in a statement.
Passenger cars accounted for 1,368 units, up 20 percent from 1,143 in the same comparable period. Light commercial vehicles accounted for 1,043 units, up 46 percent from 715.
In the eight months to August, AVID sales was up 3 percent to 20,558 units from 19,876 a year earlier and largely driven by LCVs as passenger car sales were down.
LCV sales in the year to end-August rose by 28 percent to 10,023 units from 7,827. Passenger car sales dropped 13 percent to 10,535 units from the 12,049.
Banking to a robust economy, AVID sees automotive sales registering significant growth this year. – VS, GMA News