HARI posts 4% sales growth in 2014

MANILA, Philippines - The local distributor of Hyundai vehicles in the Philippines saw its total sales grow four percent in 2014 from a year ago supported by strong demand for passenger cars (PC).

According to Hyundai Asia Resources Inc. (HARI), it sold 23,019 units in 2014, up from the 22,033 units sold in the previous year.

The increase in 2014 sales was achieved due to the performance of the PC segment, which had sales of 16,117 units last year, 17 percent higher than the 13,774 units  sold in 2013.

The light commercial vehicle (LCV) segment’s sales meanwhile, declined 16 percent to 6,902 units in 2014 compared to the 8,259 units sold a year ago.

While full-year 2014 sales rose year-on-year, HARI’s total vehicle sales for the month of December alone dropped 33 percent to 1,614 units last year from the 2,416 units sold in the same month in 2013.

This, amid a slowdown in both the PC and LCV segments.

PC sales slid 28 percent to 1,155 units in December 2014 from 1,600 units sold in the same month in 2013.

The firm’s LCV sales fell 44 percent to 459 units in December last year compared to the 816 units sold in the previous year.

Given expectations of positive economic conditions for this year, HARI has an optimistic outlook for sales.