Vehicle importers said their sales imported cars volume had been cut by more than half as of June, selling only 19,455 units in total as the pandemic hit demand for new vehicles.
The Vehicle Importers and Distributors Association Inc. (Avid) said it saw a 54.8 percent decrease in revenue in the first six months of the year, as opposed to the 43,082 units, sold a year earlier in the same period of imported cars.
“This isn’t the first crisis in the industry, but it’s definitely the most difficult one,” Ma, president of Avid. Fe Perez-Agudo said Tuesday, in a statement.
Avid accounts for only a small portion of the country’s automotive industry, which is dominated by members of the Philippines’ Chamber of Automotive Manufacturers Inc. (Campi) and Truck Manufacturers Association (TMA), including Toyota and Mitsubishi market leaders.
The Volume Sales Fell
According to the latest available data from Campi and TMA, their volume sales fell to 85,041 units from the 174,135 units sold.
It happened in the same timeframe in 2019 in the first six months of the year by 51.2 percent.
In the case of Campi and TMA, there was also an upsurge in demand. In June, the measurement of the selling against the May sales.
“While Ardent members and their partner dealerships have moved their facilities to COVID-proof, improve e-commerce assets online, and deliver exceptional promotions and offers to win back customers and promote the purchase, headwinds remain,” Perez-Agudo said.
“These include lower remittances and weaker demand. And then, the prospect of a second wave, so we can’t let our guard down,” she added. 21 member companies make representing 26 global brands, including Hyundai and Ford.
Avid said it used the previous lockdown to build procedures, frameworks, and organizations which are ready for COVID-19.
This, Avid said, allowed its member companies to restart quickly in the second half of May. In addition, serve customers in urgent need of maintenance, businesses, and clients seeking private mobility.