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Auto sales zoom to record in 2016

The Association of Vehicle Importers and Distributors (AVID) said sales among its members soared 60 percent last year to 93,179 units from 58,256 units in 2015. File photo

MANILA, Philippines - The Philippine automotive industry finished 2016 with record sales of 452,751 units, fueled by a robust economy and stronger spending power among Filipinos.

The Association of Vehicle Importers and Distributors (AVID) said sales among its members soared 60 percent last year to 93,179 units from 58,256 units in 2015.

The group said the light commercial vehicles segment accounted for the bulk of its sales as low oil prices hiked demand last year.

Light commercial vehicles sold by the group reached 57,409 units in 2016, while sales of passenger cars stood at 35,770.

Among the group’s member brands, Hyundai Asia Resources Inc. led the passenger cars segment with full year sales of 23,807 units, while Ford Group Philippines Inc. dominated the light commercial vehicles segment with 32,306 units.

“2016 was indeed a banner year for the automotive industry as AVID sales surged with an impressive 60 percent growth. As such, AVID looks forward to 2017 with limitless possibilities and opportunities, as we continue to delight the Filipino market with an array of innovative and value-laden products and services,” AVID president Ma. Fe Perez-Agudo said.

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For its part, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) earlier reporter sales of 359,572 units among its members in 2016, a 24.6 percent jump from the 288,609 units registered the previous year.

CAMPI accounts for 85 percent to 90 percent of total vehicles sold in the country, while the remaining comes from the members of AVID.

“For 2017, several international institutions with the likes of S&P Global, the Asian Development Bank and the International Monetary Fund painted a rosy outlook for the economy as most of the heavy fiscal spending has been earmarked for infrastructure and social services. This sanguine economic outlook bodes well for the automotive industry as it is packed with exciting product line-up for 2017,” AVID said.

 

 

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