December 16, 2013 By C! Magazine Staff

AVID November 2013 Sales Up By 12%

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

 

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

“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.” – Ms. Ma. Fe Perez-Agudo, President, Association of Vehicle Importers and Distributors, Inc. (AVID)

Performance and Drivers

Performance was led by the group’s Light Commercial Vehicles (LCV), which managed to tally a remarkable 1,230 units for a healthy 20% increase on the back of strong roll-outs of new LCVs from Subaru and Chevrolet. To date, the segment has grown by a massive 24%.

On the Passenger Car (PC) front, meanwhile, things are beginning to look up as the sector managed to increase its total by 5% in November against the same period in 2012. Together, commendable numbers from both segments has allowed AVID to outpace its eleven month total in 2012 by 1,636 units for a 6% Year-To-Date (YTD) upshot.

Sales and Economic Outlook

The Philippines defied an expected slowdown and grew by 7% in the third quarter of 2013, slightly lower than the 7.3% 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% growth in investments following the country’s ascent to investment grade earlier this year.

In the aftermath of Super Typhoon Haiyan, 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 year-end as market demand continues to be robust.

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