The local arm of Korean carmaker Hyundai announced that it started the current year strong, showing a double-digit growth for the month of January year-on-year.
Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the Philippines, reported that sales for last month reached 2,243 units, for a 13-percent rise over the 1,992 units sold in the same period last year.
Passenger cars segment recorded a 17-percent jump in sales, with 1,447 units sold in January this year, versus the 1,236 units sold the same month in 2013. Meanwhile, light commercial vehicle (LCV) sales realized a 5-percent growth, delivering 796 units as against the 756 units sold in January 2013.
According to Hari, the driver for the passenger car segment was the Eon, which made a 232-percent increase in sales year-on-year, while the “rebound of the LCV front was propelled by the positive gains and timely arrival of Hyundai’s forefront models; Grand Starex, Santa Fe and H-100.”
But on a month-on-month comparison, Hari suffered a 7-percent decline after with December sales reaching 2,416 units.
Following the good start for the year, Hari President and Chief Executive Officer Ma. Fe Agudo expressed confidence that the 2014 would be a better year for the brand.
“[The year] 2014 presents a new opportunity for Hyundai to grow fonder into the hearts of Filipinos. A combination of more steady supply and the introduction of Hyundai’s newest global models bode well for a stellar year for the brand,” she said.
Meanwhile, Agudo expressed belief that the country’s economy is poised to be bullish, citing the eyed influx of remittances from overseas Filipinos and an anticipated construction boom.
“Proving its strong macro fundamentals, the series of natural calamities did not hinder the economy to grow by 7.2 percent in 2013. The country’s rising macro story continues to be solidified by buoyant investment activities, growing business landscape, and robust domestic demand,” Agudo said.
“The economy’s prevalent strength is expected to carry on in 2014 supported by an anticipated construction boom, sustained influx of remittances and resilient household spending. With the economy’s strong and positive outlook, the automotive industry is seen to cruise another stellar year in 2014 as brisk consumer demand, and favorable financing terms will push sales to new record highs,” she added.