Hyundai Asia was able to sell a bit more cars in the Philippines in March, reflecting a rebound from a drop in sales in February, the company said Thursday.
The Philippine automotive industry is expected to continue growing this year, banking on the March 27 investment grade rating debt watcher Fitch Ratings gave Philippine sovereign debt that was followed by an upgrade of some companies and banks.
The credit rating, coupled with the positive business and consumer sentiment and the “slew of new vehicles to fancy the market this year” are reasons enough for Hyundai and the Philippine automotive industry to have “another banner year in 2013,” HARI president and CEO Ma. Fe Perez-Agudo said.
The carmaker sold 2,327 vehicles last month, up 4 percent from 2,245 a year earlier, Hyundai Asia Resources Inc. (HARI) noted in an e-mailed statement.
Both passenger and commercial vehicles posted favorable numbers year-on-year, the company said. It sold 1,343 cars, up by 2 percent from 1,316, as well as 984 light commercial vehicles from 929 in the same comparable period.
Hyundai Asia said sales increased by 43 percent in March from February. Month-on-month, it sold 63 percent more cars and 22 percent more commercial vehicles.
However, first quarter sales are still down 12 percent year-on-year to 5,951 units from 6,767 units in the same period last year. — DR/VS, GMA News
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