Avid sales in November up 12 percent with 2,534 units

The Association of Vehicle Importers and Distributors (Avid) expanded by 12 percent  in November, finishing the month with 2,534 units sold against 2,268 units during the same month a year ago.

 

The strong performance was sparked by the group’s light commercial vehicles (LCV), which managed to tally a remarkable 1,230 units for a healthy 20-percent increase on the back of strong rollouts of new LCVs from Subaru and Chevrolet. To date, the segment has grown by a massive 24 percent.

 

In the passenger car front, meanwhile, things are beginning to look up as the sector managed to increase its total by 5 percent in November against the same period in 2012. Together, commendable numbers from both segments have allowed Avid to outpace its 11-month total in 2012 by 1,636 units for a 6-percent year-to-date upshot.

 

Sales outlook

 

The Philippines defied an expected slowdown and grew by 7 percent in the third quarter of 2013, slightly lower than the 7.3 percent posted in the third quarter last year. Domestic demand led the charge as inflation and interest rates remain favorable. This was followed by a notable 13.1-percent growth in investments following the country’s ascent to investment grade earlier this year.

 

In the aftermath of Supertyphoon “Yolanda,” the economy will most likely move to a slower growth trajectory in the first half of 2014. However, the sustained influx of remittances and re-construction boost will help the economy regain momentum.

 

As the economy remains resilient against downside risks, the automotive industry shares the same confidence that sales target will be achievable by yearend as market demand continues to be robust.

 

“As we close out 2013, we at Avid remain optimistic about the prospects of the industry moving forward, where we commit ourselves not only to continue striving for excellence but more importantly, ensure sustainability in mobility by providing innovative products and services that are friendly to the environment,” said Ma. Fe Perez-Agudo, president of Avid.