AUTO INDUSTRY NEWS

Hyundai Philippines posts growth in first half of 2011

Hyundai Philippines posts growth in first half of 2011 image

Text: / Photos: | posted July 08, 2011 14:18

Keeping the upward trend

Hyundai caps the first semester of 2011 with a 5% growth in total sales or 10,355 vehicles in the passenger car (PC) and light commercial vehicles (LCV) categories. This was largely driven by the 18% rise in PC sales to 4,726 units from 4,004 units sold in the same period last year. LCV sales slipped 3% on the back of supply shortage resulting from strong global demand, particularly for the Tucson and Starex models. The 5% sales growth in the first semester of 2011 was due to the market's reception of the new Accent, Elantra, and Sonata models, including the H-100 and Santa Fe models.

"As we continue to institutionalize Hyundai's global dealership standards among our dealers across the country, we are confident that it will further enhance total customer experience with our brand and ultimately keep us on an upward track in our sales growth," says Maria Fe Perez-Agudo, President and CEO, Hyundai Asia Resources, Inc.

In June, Hyundai PC sales peaked to 1,415 units from 871 units in the prior year or 62% growth. Total sales in both PC and LCV categories hit 13% or 2,293 units. This month's growth is an affirmation of Hyundai's relentless pursuit to push the standard of the Filipino car-buying experience at the dealerships with the ongoing rollout of the Hyundai Global Dealer Enhancement Program - Phase 2 or DEP2, upgrading dealerships to new standards.

HARI maintains its positive sales outlook for the second semester considering: 1) a bullish investment climate revved up by Moody's investment upgrade of the Philippine's credit rating from Ba3 to Ba2 and steady interest rates despite higher inflation; 2) increasing remittances and strengthening peso on encouraging developments from Europe, MENA and Japan; 3) expected increase in consumption demand as the holidays are approaching accompanied by the Philippine government's resolve to increase infrastructure and social spending; and 4) aggressive customers warming up to the Hyundai brand and expectant of new models to be launched by HARI as it celebrates its 10 years in the industry.