Hyundai sales up 29% as of end-May

Sales of Hyundai vehicles rose by 29 percent to 10,395 units in the first five months of 2012, from only 8,062 units sold during the same period last year, due largely to the robust performance of the passenger car segment.

In a statement Thursday, official distributor Hyundai Asia Resources Inc. (HARI) said that for May alone, however, the company’s total vehicle sales fell by 8 percent to 1,737 units from the 1,891 units it sold in the same month last year.

“As we step into the third quarter, we remain optimistic that our best-selling and newly launched models will sustain their vigorous performance, helped by continued positive consumer sentiment encouraged by stable and strong macroeconomic fundamentals,” said HARI president and CEO Ma. Fe Perez-Agudo.

According to HARI, the growth in its total sales from January to May this year can be traced to robust sales performance of Hyundai Accent, sales of which averaged 674 units a month as against the year-ago average of 345 units per month.

Also, the combined sales of Hyundai i10 and the newly launched EON increased by 186 percent during the period.

Meanwhile, Hyundai passenger car sales grew by 8 percent in May, but this was not enough to offset the 31-percent decline in the sales of light commercial vehicles during the same month.

HARI, however, is entering the third quarter of the year on a positive note given sustained optimistic economic outlook.

“The Philippine economy rose by 6.4 percent in the first quarter of this year, the highest among Asean nations. The outlook remains positive as low prices continue to support strong household consumption along with accelerated government spending and continued development of the services sector,” HARI explained.

“The buildup of foreign exchange reserves and active debt management by the government has also reduced the economy’s vulnerability from short-term challenges of global uncertainties, mainly in the eurozone,” the company added.