The Association of Vehicle Importers ad Distributors (AVID) had their sales accelerate by 19% in March by selling a total of 3,189 Light Commercial Vehicles (LCV) and Passenger Cars.
Their LCV had a lead of 57% month-on-month increase in market sold by CATS, followed by a 33% March sales growth from Volvo. This year’s sales were 13% higher compared to last year’s. The Passenger Car segment also had a growth of 20% ending the month with a total sales of 1,568 units versus the 1,311 units sold last February 2014.
“With AVID finishing the Q1 race on an upswing, we remain committed to set another banner year in 2014 strengthened by the group’s collective pursuit for sustainable growth and thrust for innovation,” said Maria Fe Perez-Agudo, president of AVID.
This growth draws the limelight to the Philippines as the Asia’s next tiger according to World Bank. The Philippine economy placed second to China in terms of growth in Asia with a GDP of 7.2% as per the 2013 report, and is expected to sustain it and aim for an additional 0.3% growth, making the country’s GDP 7.5%.
At the end of the year, car sales are expected to hit a double-digit growth due more aggressive marketing campaigns, brisk consumer demand, and improvement in purchasing power, which will propel growth to the automotive industry.