Hyundai Asia Resources Inc., the official distributor of Korean automotive brand in the country, reported a 17-percent increase in sales in October to 2,856 units from 2,433 units in September.
Sales of passenger cars in October rose 13.6 percent to 1,457 units from the previous month’s 1,282 units, while those of light commercial vehicles jumped 22.6 percent to 1,359 units from 1,108 units a month ago.
Hyundai’s sales in the first 10 months of the year, however, dropped 6 percent to 27,618 units from 29,407 units year-on-year.
Despite the drop, Hyundai remains optimistic it can sustain its momentum in the last two months with seasonal consumer spending, benign inflation and lower interest rates.
“While we don’t compete in some segments of the market, our volumes remain strong, underpinned by the quality of our vehicles and our focus on excellent after-sales services. Our models per segment remain competitive and this bodes well for the Hyundai brand in the Philippines,” said HARI president and chief executive officer Ma. Fe Perez-Agudo.