In the first seven months of the year, the Association of Vehicle Importers and Distributors in the Philippines sold a total of 14,195 units, registering a 2% growth over the same period last year. This modest growth was driven by a 15% increase in the passenger car (PC) segment which outpaced the 9% drop in the LCV class.
In July alone, AVID saw a 6% gain in PC sales but weakness in LCV sales pushed overall performance down by 19%.
Despite global economic stress induced by US and Europe uncertainties and supply limitations, AVID continued to optimize its strategic advantages, specifically its consistently strong brand marketing programmes, convenient payment schemes and continued uptake of new nameplates, which enabled it to stay on course and maintain a solid 15% market share.
While there will be short-term market volatility from global economic woes, the country's macroeconomic fundamentals remain intact to sustain positive consumer outlook.
"AVID stays on course in a period of global economic uncertainty and supply pressures in the automotive industry, reflecting its resiliency and customer-driven strategies to sustain consumer interest and sales," said Ms. Maria Fe Perez-Agudo, President of AVID. "We remain optimistic about our sales prospects for the remainder of the year as the global economy gradually recovers and supply setbacks ease."