The Philippines: Hyundai sales up 20% in seasonally weak quarter

Malaya Business News - Hyundai Asia Resources Inc. (HARI) yesterday reported its sales rose 20 percent in January to July with 14,281 units compared with the 11,852 units sold in the last year on strong sales of its passenger car models and despite a double-digit decline in sales of commercial vehicles.

"Hyundai sales maintain a brisk pace as we enter what is commonly considered the 'slow-moving' quarter for Philippine business," said Ma. Fe Perez-Agudo, president and chief executive officer of HARI, official importer and distributor of Hyundai vehicles in the Philippines.

According to Agudo, the strong performance for the period is driven by aggressive marketing of Hyundai's best-selling models, backed by the prevailing favorable economic and business environment in the country.

Hyundai sales of passenger cars which accounted for 62 percent of HARI sales for the period, surged 58 percent to 8,926 units from 5,650 units a year ago boosted by sales of the Accent and the EON.

This growth was enough to lift total sales for the period, offsetting the 14 percent decline recorded by its light commercial vehicle lineup.

Total light commercial vehicle sales stood at 5,355 units, compared with 6,202 units a year ago on supply problems.

In July, sales were up slightly, by 2 percent, to 1,530 units compared with 1,497 units in the same month in 2011 dragged down by a 24 percent decline in sales of light commercial vehicles (from 573 units to 435).

Sales of passenger cars increased 19 percent to 1,095 from 924.