Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the Philippines, enjoyed a promising 9-percent growth as of February, ending year-to-date sales of 3,953 units against year-ago levels of only 3,624 units. In February alone, sales increased by 5 percent to 1,710.
Despite fierce competition, Hyundai racked up an impressive 41-percent growth in the passenger cars (PC) segment in February, bringing its tally to 1,164 units sold versus 825 units sold the same period last year. Maintaining its positive streak, Eon provided major sales lift in the segment and witnessed a remarkable 320-percent growth year-on-year. The subcompact’s strong showing was in tandem with the successful entry of Hyundai’s newest offering, the Grand i10.
Turning out weaker than expected, the light commercial vehicle (LCV) segment sales during the month stood at 546 units as against 807 units, down by 32 percent from the year-ago period. However, marked by its bigger size, storm edge design and powerful engine, the entry of the luxurious Grand Santa Fe showed encouraging signs of recovery for the LCV front.
“Setting the stage of delivering value beyond expectations to our endearing Filipino customers, Hari is thrilled with the introduction of our new models, Grand Santa Fe and Grand i10, that encapsulate Hyundai’s modern premium characteristics that set our brand apart,” said Ma. Fe Perez-Agudo, Hari president and CEO
Rising from a dimmed economic landscape brought about by a series of natural calamities, the Philippine economy is poised to recover this year and reach its growth target of 6.5 to 7.5 percent, fueled by the country’s revitalized trade performance, buoyant investment activities and robust spending.
As prospects for growth in the economy remains intact, the automotive industry is set to record another banner year in 2014 sparked by the strong buying interests and favorable business environment.
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