Hyundai to corner 10% of truck, bus markets

HYUNDAI Asia Resources Inc. (HARI) targets to capture a 10-percent share in the local truck and bus markets, following its appointment by South Korea’s Hyundai Motor Co. (HMC) as its official distributor of commercial vehicles.

HARI president and CEO Ma. Fe Perez-Agudo said the company expected to sell around 800 units of trucks and buses this year, a figure forecasted to increase to about 2,000 units by 2020.

HARI and HMC formalized the partnership Monday with the signing of an agreement that would enable the local distributor to start selling Category 3 and 4 Hyundai trucks and buses here.

“We are experiencing the third wave of motorization, meaning that from year 2015 to 2022, more and more Filipinos can easily own a motor vehicle… We are in the best position to bring new value to a new market and to drive the ascent of the economy, in alignment with the national roadmap to advance the competitive advantage of Philippine businesses in the Asean,” she said in a speech.

HMC is one of world’s biggest producers of commercial vehicles, with more than 150 different models being sold in over 100 countries.