Hyundai vehicle sales in January up by 12.6%

MANILA, Philippines—Sales of Hyundai vehicles grew by 12.6 percent in January to 2,243 units, from 1,992 units in the same month last year.

The growth was driven largely by the strong performance of the passenger car segment.

Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the Philippines, reported that the volume of passenger cars sold rose by 17 percent to 1,447 units, buoyed by the 232-percent surge in the sales of the Eon.

Sales of light commercial vehicles (LCV) inched up by 5 percent to 796 units from 756 units a year ago. The rebound of the LCV segment was driven by the positive gains and timely arrival of Hyundai’s main models: Grand Starex, Santa Fe and H-100.

Hari remains bullish of its prospects this year given the robust performance of the Philippine economy, the strong domestic consumption and the stability of supply of Hyundai vehicles.

“2014 presents a new opportunity for Hyundai to grow fonder into the hearts of Filipinos. A combination of steady supply and the introduction of Hyundai’s newest global models bode well for a stellar year for the brand,” noted Hari president and CEO Ma. Fe Perez-Agudo.

Hari further noted that the country’s rising macro story continued to be solidified by buoyant investment activities, growing business landscape and robust domestic demand.

“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,” it said.