The local arm of Korean carmaker Hyundai reported flat sales for the first four months of 2014 against a year earlier as the strong performance of passenger cars was offset by lower sales of light commercial vehicles.
Hyundai said it sold 7,629 vehicles from January to April, up just one percent from last year’s 7,558 units. The main growth driver was its passenger car (PC) segment sales, growing by 16 percent year-on-year, as it rolled out 5,050 passenger cars from 4,366 units last year.
The Light Commercial Vehicle (LCV) segment slid 19 percent with sales of 2,579 units for the first four month compared to last year’s 3,192 units.
For the month of April, Hyundai said sales grew just two percent year-on-year to 1,646 units compared to 1,607 units in the same month last year.
Passenger car sales in April climbed nine percent to 1,046 units compared to 962 units in April 2013, while LCV sales fell seven percent to 600 units from 645 in the same month last year.
Hyundai Asian Resources Inc. president and CEO Ma. Fe Agudo expressed confidence that HARI will achieve sustainable growth by the yearend. Agudo is positive that the local automotive industry is poised for another banner year by the end of 2014.
She said that the Philippine economy continues its positive streak with another credit upgrade rating milestone from Standard & Poor’s “despite concerns of a slowdown this year.”
According to her, the unexpected credit upgrade comes at a time of continued confidence in the Philippine market on the back of the country’s solid external position, robust domestic demand and improving investor climate.
“With the economy’s prevalent strength, the automotive industry’s success continues to be accelerated by renewed consumer confidence and favorable economic fundamentals,” Agudo said.
“By year-end, the industry is set to post another banner year hitting double-digit growth in sales,” she added.