By Kris M. Crismundo
MANILA, Oct. 20 (PNA) — Vehicle sales of Hyundai’s local arm, Hyundai Asia Resources Inc. (HARI), surged by 34 percent in September 2014 compared to the same period last year.
HARI’s official report released Monday stated that September 2014 vehicle sales of the company reached 2,107 units from September 2013’s sales of 1,507 units.
The strong sales of the Korean car company in the Philippine market was pushed by double-digit growth in both passenger car and light commercial vehicle (LCV) segments at 45 percent and 10 percent, respectively.
HARI’s passenger cars sold 1,490 units in September this year, higher than last year’s 1,026 units.
Likewise, sales of LCVs went up to 527 in September 2014 from 2013’s sales of 481 vehicles.
On the other hand, sales on year-to-date basis grew by 9.0 percent to 17,693 units from January to September 2013 sales of 16,220 units.
“Following nine months of positive sales growth, Hyundai is set to cruise through the last quarter with an upbeat sales outlook as HARI is committed to put our efforts in full swing through our modern premium products and customer service,” said HARI President and CEO Ma. Fe Perez-Agudo.
Meanwhile, the automotive company noted the favorable business climate in the country backed by the recovering exports sector, strong industrial output, investments, as well as the robust private consumption.
“The Philippines continues to see a strong growth prospect and is expected to be one of the fastest-growing economies among ASEAN countries at the back of its vibrant macroeconomic and fiscal landscape,” HARI said.
“Anchored on the expectation that the Philippines will produce an increasingly stronger and growing middle-class consumers, the automotive industry is set to be on the rise and experience a double-digit leap in sales by year-end,” the company added. (PNA)