AUTO INDUSTRY NEWS

AVID members cap off 2016 with 60% sales growth

AVID members cap off 2016 with 60% sales growth image

/ | January 20, 2017 12:41

Hyundai tops list of AVID members with total sales of 33,695 units

The Association of Vehicle Importers and Distributors (AVID) registered a 60-percent annual sales growth for 2016, totaling 93,179 units. Fourth quarter sales for 2016 climbed by 26-percent with 24,434 units from 19,374 units during the same period in the previous year.

"2016 was indeed a banner year for the automotive industry as AVID sales surged with an impressive 60% growth. As such, AVID looks forward to 2017 with limitless possibilities and opportunities, as we continue to delight the Filipino market with an array of innovative and value-laden products and services," Ms. Ma. Fe Perez-Agudo president, Association of Vehicle Importers and Distributors, Inc. (AVID)

Sales of Passenger Car (PC) segment registered a 60-percent increase for full year 2016 as compared to the previous year. Q4 2016 figure also picked up by 40-percent, hitting 9,341 units. Among the member brands, Hyundai led passenger car sales and managed to sell 6,063 units in Q4 alone.

Accounting for the bulk of sales, the Light Commercial Vehicle (LCV) segment surged up by 60-percent in 2016 on the back of strong demand for this group due to low oil price. Sales for the last three months of 2016 is also on the rise as it reached 19-percent growth with Ford as the best-selling brand. In the previous year, the Blue Oval brand sold a total of 16,725 units. For 2016, Ford increased their LCV sales by 93-percent, equating to 32,305 units.

The Philippine economy has sustained its upward trajectory predicated on the country’s solid macroeconomic fundamentals. The economy’s strong economic footprint in the third quarter with GDP growth at 7.1-percent was attributed to the acceleration of infrastructure spending, agriculture sector’s recovery and robust domestic consumption. This brought the average growth in the nine months to September 2016 to 7-percent, hitting the top end of an official 6- to 7-percent target for the year.

For 2017, several international institutions with the likes of S&P Global, the Asian Development Bank and the International Monetary Fund painted a rosy outlook for the economy as most of the heavy fiscal spending has been earmarked for infrastructure and social services.