Hyundai sales rebound in March

MANILA, Philippines - The Philippine distributor of Hyundai vehicles saw its sales rebound in March, rising four percent from a year ago.

Hyundai Asia Resources, Inc. (HARI) said in a statement yesterday it sold 2,327 units in March, up from the 2,245 units sold in the same month last year.

Bouncing back from a supply-hampered February, sales of both passenger cars (PC) and commercial vehicles posted favorable numbers.

PC sales grew two percent to finish at 1,343 units in March from last year.

The Light Commercial Vehicle (LCV) segment also increased six  percent to 984 units in March from a year ago.

Compared to the previous month’s 1,632 units, HARI’s sales jumped 43 percent in March.

This as both the PC and LCV segments posted double-digit increases.

PC sales climbed  63 percent in March from February’s 825 units.

LCV models saw an equally remarkable 22 percent growth in March from 807 units in the previous month.

 For the first three months of the year, sales reached 5,951 units, 12.06 percent lower than in the same period last year.

Despite the decline in sales in the first quarter, HARI is optimistic it will hit its projected sales of 25,000 units  for this year given positive economic conditions.

“With the country’s first-ever investment grade rating upgrade, continued positive business and consumer sentiments, as well as a slew of new vehicles to fancy the market this year, Hyundai and the Philippine automotive industry is poised for yet another banner year in 2013,” HARI president and chief executive officer Ma. Fe Perez-Agudo said.

Last year, HARI sold a total of 21,996 units.