MANILA, Philippines - Sales at Korean auto firm Hyundai Asia Resources Inc (HARI) plummeted by 25 percent in July from a year ago level due to supply problems.
Hyundai explained that the 25 percent decline in July was due to the shipment delivery delays and production supply limitations from Korea.
Sales for the first seven months of the year reached only 11,852 units, reflecting a flat growth from a year ago.
“As global production stabilizes to meet strong local demand requirements, we are working continuously to improve our customer experience and grow sustainably against an industry landscape still reeling from the effects of the Japan disaster,” HARI president and CEO Maria Fe Perez-Agudo said.
Sales of light commercial vehicles (LCU) went down 10 percent to 6,202 units for the seven-month period from 6,921 unit a year ago.
Agudo said domestic demand remained strong as reflected by rising customer reservations and growing customer inquiries at Hyundai dealership showrooms and the website. However, supply constraints failed to keep pace with consumer demand and deliver back orders.