MANILA, Philippines - Hyundai Asia Resources Inc. (HARI) is looking at a flat growth in sales this year after posting a one percent increase in sales in 2011.
HARI remains optimistic, though, in the ability of the Philippine economy to navigate through the period of global uncertainty.
“With positive economic outlook and favorable business and consumer sentiments, we are welcoming 2012 with an eye for opportunities to deliver better growth in our business operations and overall market position,” HARI president Maria Fe Perez-Agudo said.
In a report, HARI said it ended the year positively, selling a total of 20,297 units in 2011 as against 20,172 units in 2010.
HARI’s one percent sales growth compares to the total industry’s four percent drop in sales.
HARI’s growth was driven by sustained market interest in Hyundai passenger cars.
HARI said buyers bought the new models of the Accent, Elantra and the Sonata.
In the sports car category, the Hyundai Genesis Coupe kicked in an extraordinary performance for HARI last year.
HARI’S passenger car sales grew 13 percent. The biggest growth in the segment was registered in the compact PC which sold 2,361 units versus the two units sold in 2010.
The biggest component of passenger cars is the sub compact cars which sold 7,607 units for 2011.
The report also revealed that global supply of the Grand Starex and the Tucson continued to fall short of strong demand on the Light Commercial Vehicle (LCV) segment.
The LCV segment posted a declined of 10 percent.
The biggest drop, though, was seen in passenger vans which posted sales of only 7,607 units. The biggest component of LCV sales was the compact SUV with 4,364 units.