HYUNDAI POSTS 60% GROWTH IN DECEMBER
“We are looking forward to a customer value-driven year as Hyundai creates more brilliant customer experiences which should set our brand apart and more endearing to the Filipino.”
- Ma. Fe Perez-Agudo,
HARI President and CEO
Performance and Drivers
The official distributor of Hyundai vehicles in the Philippines, Hyundai Asia Resources, Inc. (HARI); recorded a resilient growth number last December 2013. Sales last month rose by 60% versus the same month in 2012 to end the period with 2,416 sold units from 1,505.
The sub-compact passenger cars, particularly, Eon displayed its top sales month in 2013 with a December reckoning amount of 686 units. This output has helped the brand’s Passenger Car (PC) segment to a laudable 113% increase to 1,600 units for the month versus the previous year’s month level.
On the Light Commercial Vehicle (LCV) segment, the H-100 and Santa Fe performed remarkably well for the month of December both with double digit growth year-on-year, 59% and 13%, respectively.
Despite the popularity of Hyundai’s vehicles across various segments, supply constraint plagued the company last year undermining the true potential of the company’s brand and product.
Sales and Economic Outlook
The Philippine economy ended the year with a weakening peso and higher inflation on the back of post-Yolanda supply shocks, rising oil prices and higher interest rate outlook arising from the US Fed’s stimulus tapering program.
The economic outlook for 2014 continues to be positive with expectations of strong domestic demand and favourable business and consumer sentiments which should bode well for the Philippine automotive industry.