HARI passenger car sales up 25% Jan.-Sept. year to date

MANILA, Philippines–Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, sold 2,017 units in September, reflecting a 34 percent year-on-year growth. Year to date, sales reached a total of 17,693 units, marking a 9-percent growth versus year-ago levels.

 

September’s outstanding performance was characterized by double-digit growth posted by the passenger car (PC) and light commercial vehicle (LCV) segments. The passenger car segment sold a total of 1,490 units in September, reflecting 45 percent year-on-year growth.

 

Eon, Accent and i10 continued to be the top performers for the segment. Year-to-date PC sales registered 12,323 sold units, or 25 percent up from same period last year.

 

Not to be outdone, the LCV category managed a comeback as sales rebounded with 527 units sold for a 10-percent year-on-year growth in September. The segment was led by the Grand Starex as the model posted a 38-percent increase in sales. Year-to-date supply constraints, however, dampened the overall sales performance of LCVs, where it is now 15 percent off its tally compared to its January-September performance.

 

Sales and economic outlook

 

The Philippines’ economic growth remains favorable as evidenced by the recovery of exports brought by the no-nonsense showing of global major industrialized economies. Strong local manufacturing output and investment expansion also served as economic boosters, not to mention the stable private consumption.

 

Philippines continues to see strong growth prospects, and is expected to be one of the fastest-growing economies among Asean countries because of its vibrant macroeconomic and fiscal landscape.

 

Anchored on the expectation that Philippines will produce increasingly stronger and growing middle-class consumers, the automotive industry is expected to rise further with a double-digit leap in sales by yearend.