Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, recorded an exceptional 23 percent growth in sales for the month of May to 2,094 units versus the 1,708 units sold in the same month last year.
Following months of steady growth, the upswing in the May sales performance contributed to the five percent year-to-date sales growth of Hyundai to a total of 9,723 units.
May’s upbeat sales was characterized by a strong demand for passenger cars (PC), with EON and Accent leading the pack. PC sales improved significantly by 43 percent to a total of 1,497 units in May from year-ago levels of only 1,046 units. EON and Accent posted positive gains and grew by 131 percent and 47 percent, respectively, in May versus year-ago levels. The sustained growth of PC sales raised year-to-date figures to 6,547 units, reflecting 19 percent growth.
Meanwhile, sales of light commercial vehicles (LCV) managed to grow by a steady three percent to 597 units in May, boosted by double-digit growth of two models, the Grand Starex and the H-100.
“Hyundai’s strong performance will remain steady and on course, banking on positive expectations about the gradual recovery of the Philippine economy and policy adjustments that will mitigate risks to consumer spending, ” HARI president and CEO Ma. Fe Perez-Agudo.
The Philippine economy welcomed the year with a surprising GDP slowdown of 5.7 percent, below market consensus of above 6 percent growth. The spill-over effects of Typhoon Haiyan and imposed prudential measures for finances weighed down the economy’s projected growth. Nevertheless, the pace of growth is expected to pick up in the following months on the back of increased construction and manufacturing activities.
“Despite the slower-than-expected economic performance, the automotive sector has exhibited unprecedented strength with a double-digit growth in sales since the start of the year. This trend is expected to carry on until yearend as the industry continues to benefit from brisk vehicle demand and improving purchasing power,” Perez-Agudo said.