Sales of Imported Cars Surged Amidst the Pandemic

Jun 2021

Sales of imported cars almost quadrupled in May 2021 compared with the level in the same month last year, according to the Association of Vehicle Importers and Distributors (AVID).

AVID reported that vehicle sales of its 21 members, which carry 26 global brands, increased by 293% to 4,864 units, up from 1,239 in the same month in 2020.

Companies also sold more light commercial vehicles during May 2021. Year-to-date sales rose 59% to 25,217 vehicles from 15,811 in the first five months of 2020. Passenger car sales in May were up by 191% to 1,029 vehicles compared with last year, led by sales from Hyundai Asia Resources, Inc. The category’s year-to-date sales went up 29% to 6,357 units. Light commercial vehicle sales surged 335% to 3,814 in May, with a bulk of sales going to Ford Group Philippines, Inc. Year-to-date sales went up 68% to 18,128 units.

AVID sold 21 commercial vehicles in May as against nine sold in the same month last year. But this figured dropped 93% from the 293 sold a month earlier. Year-to-date sales rose 625% to 732 units.

Meanwhile, another car industry group, the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA) also reported a 360.8% sales increase in May 2021 equivalent to 22,062 units.

The industry is projecting that imported car sales growth in 2021 will be between 0% and 20% depending on the COVID-19 safeguard measures that will be set by the government.

(Source: BusinessWorld)