Hyundai Asia Resources Inc, the official distributor of Hyundai vehicles in the country, said that sales in the first 10 months grew 13% YoY, driven by a strong turnover in the passenger car category. Hari said in a report that it sold 18,818 units during the 10 month period from 16,705 a year ago.
Ms Ma Fe Perez Agudo president & CEO of HARI said that "The sustained bullish outlook of the Philippine economy along with the overwhelming raves and reception that our newly launched models received, including the accolade given our recently introduced all-new Santa Fe, augurs positive year end sales for Hyundai in the Philippines."
She said the 12% decline in the light commercial vehicle segment in the period due to delayed arrival of units was offset by the 37% increase in sales in the passenger car category.
Total car sales from January to October 2012 hit 11,593 units from 8,474 a year ago, while light commercial vehicles fell to 7,225 from 8,231.
Ms Agudo credited the positive performance in the passenger car category to the impressive sales of the Accent and India made compact car Eon, which was launched in the Philippine market early this year.
Meanwhile, sales in October 2012 decreased 9% to 1,662 units from 1,822 a year ago due to delayed unit arrivals of some models.
Ms Agudo said that "Although PC sales in this month experienced a slowdown in sales, LCV sales grew by 28% due to timely arrival of units of the all new Santa Fe."
Ms Agudo said positive developments in the country could translate into better sales in the remaining days of the year.
Moody's Investors Service upgraded the credit rating of the Philippines, indicating the economy remains a bright spot amid the gloomy global outlook. It upgraded the country to Ba1, just a score below investment grade.
Ms Agudo said credit upgrade was expected to draw in more job generating foreign direct investments, which nearly doubled in the first seven months of the year to USD 1.025 billion.
Source - Manila Standard Today