16% growth in PCs kept Hyundai sales steady

MANILA, Philippines - Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, saw its Passenger Car (PC) segment rallied for the first four months of the year with 16 percent growth in sales. The PC segment’s solid performance has helped Hyundai to keep sales steady in April despite the brand’s delicate LCV sales performance. Sales reached 1,646 units in April alone, reflecting 2 percent growth versus the comparable period last year. Year-to-date, Hyundai’s sales reached 7,629 units, up by 1 percent from same period last year.

“Riding on the country’s recent credit upgrade rating milestone, Hyundai sets forth its commitment in achieving sustainable growth this year on the back of increased consumer confidence in our brand,” said Ma. Fe Perez-Agudo, HARI President and CEO

Contributing to the modest growth is Hyundai’s bestselling model Eon with total sales of 491 units for the month of April, up by 149 percent over a year ago. This was followed by sustained performance from the Accent, which registered 31 percent growth in April sales to 451 units. The output of the two models bolstered the brand’s passenger cars to grow by 9 percent in April.

However, the PC segment’s exceptional performance was not enough to offset frail sales of the Light Commercial Vehicle (LCV) segment. LCV sales slipped by 7 percent this year from 645 units April last year to 600 units sold this year.  Weak sales performance brought LCV’s cumulative sales to 2,579 units, down by 19 percent from same period last year.

With the economy’s prevalent strength, the automotive industry’s success continues to be accelerated by renewed consumer confidence and favorable economic fundamentals. By year-end, the industry is set to post another banner year hitting double-digit growth in sales.