Imported vehicle sales dip in July

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    Sales of the Association of Vehicle Importers and Distributors Inc. (AVID) dipped slightly in the first 7 months of the year to 50,164 units from 50,505 units in the same period last year.

    July sales declined 11 percent to 6,987 units from the same month last year which AVID attributed to higher interest rates and stiff competition.

    But the group remains confident sales will pick up in the latter part of the year.

    ”The downtrend in inflation and continuous surge of OFW remittances are two factors that will improve consumer confidence, especially high-ticket acquisitions such as vehicles, in the coming months. The completion of infrastructure projects, specifically road and connector links, will hopefully ease traffic and remove one of the hurdles to vehicle ownership in Metro Manila and nearby provinces,” said Fe Perez-Agudo, AVID president.

    Sales of passenger cars (PC) dipped 5 percent to date with a total of 17,706 units sold versus same period last year. Hyundai continues to be the top contributor in PC sales with 10,565 units followed by Suzuki.

    Sales of light commercial vehicles grew 1 percent to 31,878 units, dominating sales of AVID. The segment is led by Ford with 12,217 units followed by Hyundai with 8,645 units.

    Sales of commercial vehicles (CV) grew 140 percent with Hyundai leading the segment with 580 units in year-to-date sales versus same period last year. CV sales are expected to remain strong in lockstep with increased government spending and economic activity.