Hyundai’s vehicle sales slip in Jan.-Oct. period

The trendy 2012 Hyundai Eon subcompact hatchback. Sales of Hyundai vehicles dropped by close to 5 percent to 17,905 units in the first 10 months of 2013, due mainly to the sluggish performance across most segments during the period. FILE PHOTO

MANILA, Philippines—Sales of Hyundai vehicles dropped by close to 5 percent to 17,905 units in the first 10 months of the year, due mainly to the sluggish performance across most segments during the period.

In October, however, sales of Hyundai vehicles inched up by 1.4 percent to 1,685 units from the 1,662 units sold in the same month last year, according to Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the Philippines.

The biggest contributor to the October sales was the Accent, of which 556 units were sold as against the 391 units sold in September.

In the first 10 months of the year, sales of Hyundai passenger cars fell 5 percent to 11,002 units from 11,593 units a year ago, while those of light commercial vehicles similarly fell by 4.46 percent to 6,903 units from the 7,225 units sold in the same period last year.

Despite its performance, Hari remains bullish of posting strong results by yearend.

“Hyundai is set to end the year with a bang. The brand promises to surprise Filipinos anew with more exciting offerings before the end of 2013,” said Hari president and CEO Ma. Fe Perez-Agudo.

Hari’s optimistic outlook stemmed from the robust Philippine economy, which has been driving the local business environment to “new heights.”

“Consumer and government spending has buoyed the country’s growth potential in full gear, cushioning the economy from negative external shocks. Moreover, positive sentiment from foreign investors manifest improved business confidence, all thanks to solid macroeconomic fundamentals coupled with the country’s investment grade status,” the company said.

“With the Philippine economy at an accelerated growth pace, the business landscape for the automotive industry remains favorable and set to maintain its double-digit growth target by year-end,” it further added.—Amy R. Remo