Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, sold 2,017 units for the month of September, reflecting a laudable 34% year-on-year growth (YoY). Year-to-date, sales reached a total of 17,693 units, marking nine percent growth versus year-ago levels.
“Following nine months of positive sales growth, Hyundai is set to cruise through the last quarter with an upbeat sales outlook as HARI is committed to put our efforts in full swing through our modern premium products and customer service,” HARI President and CEO Ma. Fe Perez-Agudo said.
September’s outstanding performance was characterized by double-digit growth posted by Passenger Car (PC) and Light Commercial Vehicles (LCV) segments. Led by the month’s biggest contributor, Passenger Car segment sold a total of 1,490 units in September, reflecting 45% YoY growth. Eon, Accent and i10 continue to be the top performers for segment as the models posted double-digit growth for the month. Year-to-date, PC sales registered 12,323 sold units or 25% up from same period last year.
Not to be outdone, the LCV category managed a comeback as sales rebounded with 527 units sold or 10% YoY growth in September. The segment was led by the Grand Starex as the model posted 38% increase in sales. Year-to-date, however, the supply constraint has dampened the over-all sales performance of LCV, where it is now 15% off its tally compared to its January-September performance.
Sales and Economic Outlook
The Philippines’ economic growth remains favorable as evidenced by the recovery of export brought by the no-nonsense showing of global major industrialized economies. Strong local manufacturing output and investment expansion also served as economic boosters, not to mention the stable private consumption that is worthy of note. Philippines continues to see a strong growth prospect and is expected to be one of the fastest growing economies among ASEAN countries at the back of its vibrant macroeconomic and fiscal landscape.
Anchored on the expectation that Philippines will produce an increasingly stronger & growing middle-class consumers, the automotive industry is set to be on the rise and experience a double-digit leap in sales by year-end.