Friday, January 23, 2015
AVID Sales End 2014 with 13-Percent Growth
Association of Vehicle Importers and Distributors (AVID) saw its sales grow by 13% in 2014 to a total of 35,565 units versus the 31,399 units the group posted in 2013.
The main driver of this growth is the Passenger Car (PC) segment, which posted 14% year-to-date growth to 18,467 units in 2014 from the 16,143 units in 2013.
The Light Commercial Vehicle (LCV) segment, on the other hand, posted a total of 17,098 units, up by 12% from previous year’s total sales of 15,256 units. The upbeat performance of the LCV front was brought about by the 79% double-digit growth of Chevrolet from 3,877 units in 2013 to 6,952 units in 2014.
Despite the expectation of a slowdown of the Philippines’ GDP growth last year, the industry is expected to still grow significantly this year because of strong business and consumer sentiments. The Services sector will be the main growth driver and Household spending will motivate the automotive sales uptrend for the year. The government still expressed confidence that it can meet its target with the aid of improved revenue collections and strong macroeconomic fundamentals.
Anchored on solid economy, sound business environment and positive consumer sentiments, the automotive industry is set to continue to tread a more stable upward trajectory.