Hyundai Asia Resources, Inc. sustains its momentum, as it posted total sales of 1,643 units in May this year, a 6% growth from the same month last year. By category, sales of light commercial vehicles rose by 16% while that of passenger cars declined slightly by 3%. By models, the boost came largely from Tucson which expanded by 52% and the new models, Sonata and Elantra, which sold 75 units and 291 units, respectively. This brings sales performance for the first five months of 2011 to 3% growth or 8,062 units.
Hyundai's aggressive marketing strategy, which includes engaging with new channel partners like banks, developing programmes aimed at improving customer relations, and introducing new models, have all contributed to Hyundai's steady growth. While the economy grew slower at a rate 4.9% in the first quarter of 2011 with rising inflation risks, economic fundamentals remained strong to support consumption demand and thus automotive sales. Robust remittance and foreign capital flows, strong peso and lower fiscal deficit in the last five months kept business and consumer sentiment positive.
"Against a challenging business environment marked by rising inflation risks and external uncertainties, Hyundai continues to defy gravity and grow steadily as we pursue greater synergy and cooperation within our global network for production efficiency and continuously innovate to deliver quality products and services to our customers," says Ms. Ma. Fe Perez-Agudo, President and CEO of Hyundai Asia Resources, Inc.