HARI projects 5-10% sales growth

MANILA, Philippines - Hyundai Asia Resources, Inc. (HARI), the local distributor of Hyundai vehicles, expects its sales to grow by five to 10 percent next year, amid favorable economic conditions and sustained demand for its cars.

“We definitely expect robust growth for 2013,”Ma. Fe Perez-Agudo, HARI president and chief executive officer told reporters on Wednesday night, citing the country’s strong macroeconomic fundamentals.

She said the firm’s sales could grow by at least five percent up to 10 percent next year from this year’s expected total sales of 23,000 units, given demand for Hyundai vehicles.

“The five-percent growth is conservative because we are still experiencing supply shortage,” she said.

Similar to other countries, she said there is huge local demand for Hyundai vehicles which is not being met.

She noted that HARI is short of serving 30 percent of the Philippine market, with the vehicles being sold here imported from South Korea.

Asked if HARI plans to locally assemble Hyundai vehicles given demand, Perez-Agudo said it may not happen soon as the firm considers availability of necessary infrastructure like power supply as well as manpower as requirements for production.

“There is a chance for the Philippines (for local production) but not in the next 24 months,” she said.

Amid positive outlook for sales, the firm is set to launch a new variant of the Accent next year.

Perez-Agudo said the new diesel-powered Accent hatchback, which costs over P800,000, would be available by February.

“The Philippine market has been waiting for that,” she said.

“We hope to supply 200 units (of the new vehicle) per month,” she said.

To date, she said HARI has received 300 orders for the new vehicle.

As of end-November, HARI sold 20,491 units, up eight percent from the 18,922 units sold in the comparable period a year ago.

HARI intends to make Hyundai a top automotive brand in the country in 10 years.