Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, reported an 18 percent year-on-year sales increase in October on strong demand for passenger cars.
HARI sold 1,982 units during the month, compared with 1,685 a year earlier.
For the first 10 months of 2014, sales reached 19,675 units, up 10 percent from a year ago.
HARI attributed the increase to the strong showing of its passenger cars, which grew 33 percent to 1,476 units for the month.
Hyundai’s top selling models EON, i10 and Accent powered the double-digit rise in passenger car sales, HARI said. Accent registered the highest sales in the category, with 667 units sold.
For the 10 months to October, sales of passenger cars grew 25 percent to 13,799 units, against last year’s 11,002 units.
Sales of light commercial vehicles (LCV), however, declined 12 percent from year-ago levels. The LCV category sold 506 units in October against 576 units sold last year. Sales for the Tucson boosted LCV sales as the model managed to grow 29 percent on-year.
“The government still maintains an optimistic stand in achieving the 6.5-percent to 7.5-percent growth target by year-end. The Bangko Sentral ng Pilipinas is seen suspending monetary tightening as inflation eases to 4.3 percent in October. As key indicators remain supportive, consumer spending is expected to remain brisk,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
“Automotive players continue to be bullish toward the Holiday season with companies offering various promos to hype sales further. With the industry surpassing 2013 full-year sales last month, it is projected to post another record-breaking growth by year-end,” Perez-Agudo said. Voltaire Palaña