Vehicle importers reported a five- percent increase in sales in October month-on-month but year-to-date sales were still down three percent.
The Association of Vehicle Importers and Distributors Inc. (AVID) in a report released over the weekend said October sales stood at 7,320 units from 7,000 units in September.
Total sales from January to October reached 71,396 units from 73,809 units in the same period in 2018.
AVID is optimistic the automotive industry’s performance will make headway in the last two months of the year.
“Lower inflation, interest rates, and fuel prices coupled with increased consumer spending with the start of the holiday season could boost industry performance. Increased government spending on key infrastructure projects and the jeepney modernization program will further bolster demand, especially for light and heavy commercial vehicles,” said Ma. Fe Perez-Agudo, AVID president.
Sales of passenger cars of AVID members went up 2 percent to 2,591 units in October
Hyundai maintained its leadership in this segment with 1,457 units sold in October alone, followed by Suzuki with 690 units.
To date, passenger car sales were still down three percent with 25,133 units sold versus the 25,821 units last year.
For light commercial vehicles (LCVs), AVID recorded a 6 percent increase in sales in October to 4,689 units from 4,413 units the previous month.
Sales of LCVs for the 10-month period are down 4.3 percent at 45,536 units from 47,599 units last year. Ford leads this segment with 16,522 units sold, followed by Hyundai with 12,331 units, and Suzuki with 12,267 units sold since the start of the year.