Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, sold 23,019 units last year, up 4 percent from 2013 sales of 22,033 units.
Sales last month proved to be a disappointment as sales contracted by 33 percent to 1,614 units compared to December 2013 sales of 2,416 units.
Sales of both passenger cars and light commercial vehicles contracted last December. But despite December’s disappointing sales, total sales for the year rose 17 percent to 16,117 units from 2013 sales of 13,774 units.
Sales for the LCV category posted a decline of 44 percent in December to 459 units. Total LCV sales for last year reached only 6,902 units, down by 16 percent compared with 2013 sales of 8,259 units.
“As the Philippine economy continues to be a bright spot for growth in Asia, Hyundai drives forward in 2015 as we strengthen our service excellence and expand our product line,” Ma. Fe Perez-Agudo, HARI President and CEO, said.
“The Philippine economy posted a lower-than-expected growth of 5.3% for the third quarter of 2014. Although hitting the low end GDP target which is 6.5% would be difficult to hit, investors continue to express high hopes in the “Asia’s New Tiger”.
Buoyed by the robust macroeconomic fundamentals, efficient financial management and rising revenue collections, the Philippine economy bodes well for 2015 and will retain its target of 7-8%,” Perez-Agudo said.
“Coupled with the economic prevalent strength, trend in vehicle demand is seen to be very positive fuelled by optimistic business and consumer sentiments,” she added.