Hyundai is set to end the year with a bang. Following five straight months of growth, the brand promises to surprise Filipinos anew with more exciting offerings before the end of 2013.”
- Ma. Fe Perez-Agudo, HARI President and CEO
Performance and Drivers
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, notched up a healthy 12% increase month-on-month, ending October with 1,685 units sold versus 1,507 units in September 2013.
October’s performance was characterized by strong contributions from both Passenger Car (PC) and Light Commercial Vehicle (LCV) segments. Led by the month’s biggest contributor, the formidable Accent’s tally rose 42.2% to 556 units against 391 the month before. This was followed closely by the Eon, which managed a steady climb to 400 units from 354.
On the LCV front, favourable supply conditions allowed the luxurious Santa Fe a month-on-month growth of 36.8% with a total of 104 units in October. Likewise, timely stock arrival saw the Grand Starex increase its tally over September by 40.6%, ending the month with 201 units sold. Not to be outdone, the brand’s workhorse also saw a considerable increase for the month with the H100 utility truck netting 135 units for a 55.2% uptick compared to the month before.
October marked Hyundai’s fifth straight month of growth. With this recent streak, the brand is a mere 4.9% off its mark during the same period a year ago. Clearly, this represents a positive indication of Hyundai’s direction heading towards the Christmas season.
Sales and Economic Outlook
The Philippine economy continues to flourish, driving the local business environment to new heights. Consumer and government spending has buoyed the country’s growth potential in full gear, cushioning the economy from negative external shocks.
Moreover, positive sentiment from foreign investors manifest improved business confidence all thanks to solid macroeconomic fundamentals coupled with the country’s investment grade status.