The Association of Vehicle Importers and Distributors, Inc. (AVID) reported sales of 5,433 units in January equivalent to a 16% drop compared to the same month last year. The group, representing 25 brands, said the drop is due to challenges posed by the Taal Ash Fall followed by the COVID-19 situation which is beginning to affect many local industries, including the automotive sector.
“2020 will be a very challenging year for the industry given the slowdown in automotive demand, supply chain disruptions, and dampened consumer confidence caused by these twin events. Fortunately, the Philippine economy remains strong backed by robust public spending, private consumption, and lower interest rates,” AVID president Ma. Fe Perez-Agudo said.
“I am confident that AVID members will adapt to and hurdle these challenges and bounce back even stronger in the coming months,” she added.
The Passenger Cars (PC) segment declined by 31% in the first month of 2020 with 1,553 units sold in January 2020 versus the 2,258 units sold in the same period last year. Hyundai, the leading Korean automotive company in the Philippines, sold a total of 967 units in January 2020. Suzuki follows with 353 units and Ford with 117 units.
In the Light Commercial Vehicles (LCV) segment, AVID recorded a 7.3% dip in for the month with 3,855 units sold versus the 4,157 units sold in the same period last year. Ford leads this segment with a total of 1,375 units sold; Suzuki comes second with 1,122 units; a close third is Hyundai with 1,053 units sold in the start of the year.
In the Commercial Vehicles (CV) segment, AVID recorded a 63% dip or a total of 25 units sold in January 2020 versus the same period last year.
“We are no strangers to adversity and disruptions. As we have done in the past 10 years of AVID’s existence, our members remain resolute to provide better vehicles, better services, and better customer experiences to Filipinos everywhere,” Ms. Agudo concluded.