Hyundai sales rev up by 9%

MANILA, Philippines - Hyundai Asia Resources, Inc. (HARI) continued to post positive growth as sales hit a total of 21,405 units in January to November this year, 9% higher as compared with the same period last year. In November, total units sold were 1,730, up by 1% year-on-year.

“We are committed in giving delightful products and exciting services as our way to bring joy to our customers this holiday season,” said Ma. Fe Perez-Agudo, HARI president and CEO.

Hyundai’s positive growth rally was mainly buoyed by the Passenger Car category (PC) which posted a strong 23% year-to-date growth with 14,962 units sold from 12,174 units in the same period last year. HARI is confident it will gain higher sales in December driven by consumer demand and competitive promotions.

Light Commercial Vehicles (LCV) sales on the other hand grew by 5% equivalent to 567 units sold in November this year, in contrast to last year’s 540. To date, the category posted a 13% decline with 6,443 units sold as compared to the same period last year.

In the third quarter, the Philippine economy hit a slight bump with 5.3 percent GDP growth rate, lower than government target and consensus of at least 6.5 percent growth. Year-to-date, the Philippine economy may hit below government expectations of 6.5 to 7.5 percent, according to some experts. However, government remains optimistic that the Philippine economy will still be a bright spot for growth in the ASEAN region and meet its target for the year. 

As business and consumer confidence in the economy remains intact, vehicle sales is expected to grow by leaps and bounds in 2014 ending the year with another double-digit growth.