Hyundai Asia Resources, Inc. (HARI), the country’s official distributor of Hyundai vehicles, closed 2014 with a four percent increase in sales year-over-year; from 22,033 units last 2013 to 23,019 units. This is despite their slow showing last December wherein sales decreased by 33 percent to 1,614 vehicles compared to the 2,416 performance from the same period last year.
Taking a significant hit last December were the Passenger Car (PC) and Light Commercial Vehicle (LCV) segments. PCs had a 28 percent cut in sales, managing to deliver only 1,155 units for the month. The effect was cushioned by the category’s overall 2014 performance wherein it saw a 17 percent growth to 16,117, up from 13,774 in 2013.
Meanwhile, LCV sales had a 44 percent decline last December, selling only 459 units. Overall LCV sales for 2014 went down to 6,902 units from 8,259, 16 percent less year-over-year.
Though the Philippine economy grew at a lower-than-expected 5.3 percent for 2014’s third quarter, investors are still hopeful that “Asia’s New Tiger” will continue to develop this year. Robust macroeconomic fundamentals, efficient financial management, and rising revenue collections have the country’s fiscal growth pegged at seven to eight percent this 2015.
HARI President and CEO Ma. Fe Perez-Agudo is likewise enthusiastic, saying “As the Philippine economy continues to be a bright spot for growth in Asia, Hyundai drives forward in 2015 as we strengthen our service excellence and expand our product line.”