IMPORTED VEHICLE SALES DOWN 13% AS OF END-SEPT

SALES of imported vehicles dropped by 13 percent to 65,917 units in the first nine months of 2018 from 75,949 units sold in the same period a year ago, the Association of Vehicle Importers and Distributors, Inc. ( AVID) reported.

In a statement, the AVID-indicated sales also fell on a quarterly basis. It said a total of 22,774 units were sold in the third quarter of this year, 18 percent lower than 27,605 units sold last year.

The tempered consumer demand for vehicle is caused “by the rising commodity prices and interest hikes.

“Amidst the headwinds, AVID retained its rosy outlook that its wave of new product launches and customer-focused service offerings will augur well for the automotive industry,” AVID President Ma. Fe Perez-Agudo said.

A total of 23,531 units of passenger cars were sold during the period, down 20 percent from 29,264 units in 2017.

Hyundai continues to headline the segment in terms of volume as the automotive manufacturer managed to sell 15,359 units from January to September this year.

For light commercial vehicles, sales reached 41,808, down by 10 percent than last year’s 46,683 units. A total of 15,279 units were sold in the third quarter of this year, 11 percent lower than 17,108 units in the previous year.

Ford retained the top spot in this segment as it sold a total of 17,600 units.

Some 578 units of commercial vehicles were sold between January and September this year.

Moving forward, AVID said it will continue to offer innovative products and services with the customers in mind despite its expectation that both supply and demand factors will stabilize.