Sales of Hyundai vehicles grew by 9 percent in the first two months of the year to 3,953 units from the 3,624 units sold a year ago, 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 27 percent to 2,611 units, led mainly by the 320-percent surge in the sales of the Eon.
The subcompact’s strong showing was in tandem with the successful entry of Hyundai’s newest offering, the Grand i10, HARI said in a statement issued Thursday.
The light commercial vehicle (LCV) segment, on the other hand, was weaker than expected, with sales dropping by 14 percent to 1,342 units as of end-February.
However, marked by its bigger size, new design and powerful engine, the entry of the new Grand Santa Fe showed encouraging signs of recovery on the LCV front, HARI added.
“Setting the stage of delivering value beyond expectations to our endearing Filipino customers, HARI is thrilled with the introduction of our new models, Grand Santa Fe and Grand i10, that encapsulate Hyundai’s modern premium characteristics that set our brand apart,” said HARI president and CEO Ma. Fe Perez-Agudo.
In February alone, HARI sales grew by a mere 5 percent to 1,710 units, pulled down largely by the LCV segment, which registered a 32-percent decline. The PC segment posted a 41-percent surge in sales in February to 1,164 units.
As prospects for growth in the economy remain intact, HARI remains bullish that the “automotive industry is set to record another banner year in 2014, sparked by strong buying interests and the favorable business environment.”
“Rising from a dimmed economic landscape brought about by a series of natural calamities, the Philippine economy is poised to recover this year and reach its growth target of 6.5 to 7.5 percent, fueled by the country’s revitalized trade performance, buoyant investment activities and robust spending,” the company added.