MANILA, Philippines - Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, registered a promising 6 prcent year-on-year growth in July for a total of 1,952 units.
Hyundai’s positive sales track was sustained by brisk sales from the Passenger Car (PC) segment. PC sales hit a total of 1,411 units in July, reflecting 33 percent growth in sales. The strong showing from PCs has managed to boost its year-to-date performance by 22 percent for a total of 9,307 units. The Korean brand’s PC sales was kept healthy by the outstanding performance from the EON and Accent, both of which posted 191 percent and 69 percent year-on-year growth in July.
However, Light Commercial Vehicle segment (LCV) was unable to keep pace with the stellar growth of the PC segment. Sales for the LCV front dropped by 31 percent to just 541 units sold in July. Meanwhile, the year-to-date sales performance of LCV segment declined by 18 percent, totaling 4,296 units. Notwithstanding the LCV segment’s lackluster performance, the Grand Starex outperformed with 34 percent growth in sales for the month of July banking on its established brand presence in the Philippines.
“As Hyundai sales cruised through another month in a positive note, HARI is expected to maintain its solid pace for the remainder of the year buoyed by strong growth in the economy fueled by robust household consumption,” said Ma. Fe Perez-Agudo, HARI president and CEO.
Overall, Hyundai’s sales tally for the first seven months of the year reached a total of 13,603 units, up by 6 percent compared to the same period last year.
The automotive industry is expected to hit another double-digit growth this year due to favorable macroeconomic fundamentals.