AUTO INDUSTRY NEWS

AVID outpaces industry for first eight months of 2011

AVID outpaces industry for first eight months of 2011 image

Text: / Photos: | posted September 21, 2011 15:31

YTD sales dip 1%; AVID retains 15% market share

AVID sold a total of 16,020 units from January to August 2011, a figure that is 1% lower from the same period last year, outpacing the industry's 4% decline. Sales performance was driven more by the passenger car (PC) sales which showed 7% growth than the light commercial vehicle (LCV) segment.

AVID's sales performance for the 8-month period remained resilient despite continuing global demand-supply gap which bear significantly on timeliness of product delivery. Fluctuating unit arrivals have increased the number of unmet orders which negatively impacted total sales growth for the period.

For the month of August 2011, AVID showed 19% drop in sales from prior year due to supply constraints and seasonal demand factors.

AVID maintains an optimistic sales outlook for the rest of the year with expectations of better supply situation and improved consumer outlook from increased consumer liquidity and stronger OFW remittances with the coming of the Yuletide season.

"Though AVID outpaced industry's decline of 4% in the first eight months of the year, our sales continued to be affected by supply limitations and domestic economic challenges triggered by global uncertainties," said Ms. Maria Fe Perez-Agudo, AVID President. "We expect our sales to track a positive trend for the remainder of the year as supply conditions normalize and external economic woes in the US and EU stabilize to reinforce the strength offered by the country's economic fundamentals."