HYUNDAI Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, said it it sold 6 percent more vehicles in July this year than last year at 1,952 units, driven by strong demand for its passenger car models, particularly the Eon and Accent.
Hyundai said its positive sales track was sustained by brisk sales from the passenger car (PC) segment. It said PC sales hit 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 to a total of 9,307 units.
The Korean brand said PC sales were lifted by the outstanding performance of the Eon and Accent, which posted 191 percent and 69 percent year-on-year growth in July.
However, the light commercial vehicle segment (LCV) was unable to keep pace with the stellar growth of the PC segment. LCV sales dropped by 31 percent to only 541 units in July, and declined by 18 percent to 4,296 units for the first seven months.
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. Overall, Hyundai’s sales tally for the first seven months of the year reached a total of 13,603 units, or up by 6 percent compared to the same period last year.
“As Hyundai sales cruised through another month on 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,” HARI President and CEO Ma. Fe Perez-Agudo said.
“The Bangko Sentral ng Pilipinas (BSP) has decided to raise interest rate by 25 basis points as a pre-emptive response to temper the expanding inflationary environment. According to the BSP, notwithstanding the higher interest rate outlook, the economy is still expected to hit the 6.5 percent to 7.5 percent growth target this year. Consumer spending is seen to remain strong for the rest of the year due to the sustained US dollar remittance inflow from OFWs and the support from the BPO sector,” she said.
“The automotive industry is expected to hit another double-digit growth this year due to favorable macroeconomic fundamentals,” she added.