Vehicle imports more than double in 2015

MANILA, Philippines - Sales by the Association of Vehicle Importers and Distributors Inc. (AVID) more than doubled last year on strong domestic demand, pushing total industry sales above market forecast of 320,000 units.

In a statement issued yesterday, the group of vehicle importers and distributors in the country said its members sold a total 58,712 units in 2015, 65 percent higher than the 35,593 units sold the previous year.

 “AVID is delighted to reach another milestone as it significantly grew by 65 percent, anchoring on the strong domestic demand condition as the country enjoys economic surge. AVID will sustain this momentum through relentlessly finding ways to respond and adapt to the evolving consumer needs and preferences,” group president Ma. Fe Perez-Agudo said.

AVID said the passenger car segment with its wide range of value-for-money product offerings expanded 21 percent year-on-year to a total 22,386 units in 2015.

Sales of light commercial vehicles likewise rose 112 percent to 36,326 units from 17,125 units in 2014.

 “The whopping 216 percent growth to a total of 13,057 units in fourth quarter 2015 from 4,135 units in 2014 was due to strong demand fueled by the drop in oil prices. A major contributor to this expansion is new AVID member, Ford Philippines,” the group said.

Suzuki Philippines, the exclusive distributor of Suzuki vehicles in the country, became a member of AVID in July this year while Ford Group Philippines joined the group in May.

Adding sales from members of the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association last year with that from AVID, total vehicles sold in the country in 2015 surpassed the industry target of 320,000 units as it reached 347,321 units.

The number, however, will still have to be adjusted on account of dual membership in both associations.

The surge in vehicle sales last year, AVID said, is expected to hold up this year given the continued stability in the monetary environment.

 “Sustained growth in vehicle demand mirrors bullish consumer confidence, challenging local players to keep on playing their A game in product and service offerings,” AVID said.