MANILA, Philippines – Sales of car importers grew by double digits in the first half of the year, faster than the growth recorded by local automotive assemblers.
The Association of Vehicle Importers and Distributors Inc (Avid) sold 15,799 units in January to June, 28% higher than the 12,324 units the group sold in the same months last year.
“We believe sales will remain resilient against global economic challenges,” said Avid President Ma. Fe Perez-Agudo.
Avid said growth was driven by robust demand in the passenger car segment, which enjoyed a 59% jump in sales to 9,530 units in the first half from 6,007 units last year.
Avid’s sales growth, meanwhile, was better than that of assemblers, who had been hit by supply disruptions.
Members of the Chamber of Automotive Manufacturers of the Philippines (Campi) earlier reported total sales growth of only 4.4% in the first half, with passenger car sales down by 6.5%.
Campi, led by popular brands Toyota, Honda and Ford, had grappled with an auto parts shortage as suppliers in Japan and Thailand scaled down production due to the disasters that hit the two countries. Ford recently announced it would close its assembly plant in the Philippines next year and just import units for distribution locally.
Avid members include Hyundai Asia Resources Inc, Chevrolet distributor The Covenant Car Co Inc, Mercedes Benz importer CATS Motors, Mini distributor British United Automobiles, Volvo importer Scandinavian Motors Corp, Subaru importer Motor Image Pilipinas and Porsche and Audi distributor PGA Cars Inc.
They are optimistic of continued growth for the rest of the year on the back of strong domestic consumption and a low inflation environment, which will drive more households and businesses to spend. – Rappler.com
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