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Wednesday, April 24, 2024

Imported car sales surge in May as restrictions ease

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Imported vehicle distributors saw their sales grow by over threefold in May as all segments recorded three-digit increases, the Association of Vehicle Importers and Distributors Inc. (AVID) reported on Thursday.

AVID said sales improved by 293 percent to 4,864 units in May from just 1,239 units a year ago. The gradual reopening of the economy and easing of mobility restrictions supported the increase in sales, it added.

The light commercial vehicle (LCV) comprised bulk of the sales for the month at 3,814 units, which is 335 percent more than the 876 units sold last year.

Sales of passenger cars (PC) improved by nearly threefold to 1,029 units from last year’s 354 units.

Commercial vehicle (CV) segment saw its sales reach 21 units, which is 133-percent higher than the previous year’s 9 units.

In January to May, sales of imported car dealers rose by nearly 60 percent to 25,217 units from 15,811 units sold a year ago.

LCV sales surged by 68 percent to 18,128 units for the 5-month period from last year’s 10,782 units. Ford Group Philippines led this segment with 7,692 units sold, followed by Suzuki Philippines Inc. and Hyundai Asia Resources Asia Resources Inc. with sales of 4,933 units and 2,450 units, respectively.

The PC segment sold 6,357 units, which is 29 percent higher than the 4,928-unit sales last year. Suzuki and Hyundai sold the most in this segment at 3,259 units and 2,170 units, respectively.

CV sales grew by more than seven times to 732 units in January to May, all of which are accounted for by Hyundai.

“We attribute the gradual improvement in AVID sales to our members’ tireless commitment to provide customers with quality vehicles and after sales service that will see them safely through life’s many journeys. We all must keep on pitching in to weather this storm and to bring us all closer to our dreams in the new normal,” AVID President Ma. Fe Perez-Agudo said.

Read full article on BusinessMirror

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